Bitcoin 2022 – New Political Advocacy Groups
The Bitcoin Advocacy Project today announced the formation of two new pro-Bitcoin political advocacy groups: the Bitcoin Policy Institute and the Financial Freedom PAC. These organizations will band together to try to influence legislation, regulation, and political campaigns in the United States.
The Bitcoin Advocacy Project
The Bitcoin Advocacy Project, a 501(c)(4) nonprofit organization dedicated to promoting Bitcoin acceptance in the United States, has granted seed financing to two new political groups that will help it achieve its goals. The first is the Bitcoin Policy Institute, a 501(c)(3) nonprofit think tank, and the second is the Financial Freedom PAC, a Federal Election Commission-registered political action committee that will promote pro-Bitcoin political candidates in forthcoming elections.
Grant McCarty, co-founder of the Bitcoin Policy Institute and head of policy and public relations at Bitcoin Magazine, made the statement. He clarified that the program is only concerned with Bitcoin and not with other cryptocurrencies.
A political action committee, or PAC, is a 527 organization that receives campaign donations from its members and distributes them to politicians who favor or oppose them. Senators Elizabeth Warren (D-MA) and John McCain (R-AZ) were singled out by McCartney during his speech.
Brad Sherman (D-CA), who has made several allegations concerning the threats that cryptocurrencies pose to the conventional banking system, as well as the value of cryptocurrencies in facilitating illegal behavior.
According to McCarty, the answer may be as simple as replacing anti-crypto politicians with pro-crypto politicians, which is the main purpose of a PAC. He said, “It’s difficult to teach an old dog new tricks.” “It’s sometimes simpler to simply acquire a new dog.”
Cryptocurrency is becoming a hot subject in American politics, with some authorities seeming to harden their stances while others appear to be relaxing their stances. Treasury Secretary Janet Yellen, for example, had previously voiced skepticism of cryptocurrencies, but in recent weeks has demonstrated increased openness to technology, noting cryptocurrency’s “benefits.”
Meanwhile, SEC Chair Gary Gensler, one of the country’s most prominent crypto regulators, has stated his intention to put the $2 trillion market under his jurisdiction. While Gensler has been perceived as a cryptocurrency detractor in general, he said in October of last year that the SEC has no intentions to impose crypto prohibitions.