Historically, American politics has been polarised, but crypto may be about to change that. As the midterm elections approach, digital asset corporations and groups are ratcheting up their lobbying efforts, betting heavily on pro-crypto candidates that may potentially offer the industry favorable policies. By 2024, the Financial Freedom PAC hopes to start an “orange tsunami” in Washington.
The Orange Wave Could Begin in Ohio and Oregon
Josh Mandel, a bitcoin supporter, was the only one of four candidates sponsored by the Financial Freedom PAC, a political action group principally funded by FTX CEO Sam Bankman-Fried (SBF). The group is geared to promoting crypto-friendly political candidates and getting them elected in Washington.
Mandel, on the other hand, lost the election to J.D Vince, a “bitcoiner” backed by billionaire bitcoin bull Peter Thiel, who donated $3.5 million to the Protect Ohio Values Super PAC. The GOP contender was said to have around 6.5 BTC in his possession.
Rep. Shontel Brown has received funding from the Financial Freedom PAC, which has sparked outrage from her progressive opponent Nina Turner, who claims Brown has put Cleveland up for sale.
Another battleground in which the group has invested heavily in Oregon, is where it spent over $7 million to elect Democratic candidate Carrick Flynn to the 6th congressional district. “We’re not shy, as an industry, to say and support what we value, and that includes political donations,” says the group, which has endorsed both Democratic and Republican candidates.
Striving for 2024
The Financial Freedom PAC’s goal goes beyond the midterm elections. Grant McCarty, one of the group’s founders, set the target for the forthcoming election, saying that getting “one bitcoin champion into Congress in November” is enough to be considered a win for the sector since he is already looking ahead to the 2024 elections.
In 2024, I genuinely believe we’re going to witness an orange wave on Washington,” McCarty said, believing pro-crypto attitudes will soon be adopted in Washington.
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