Sat, July 27, 2024 at 05:06
Hello, Annie.
Today, I have some intriguing news about a cryptocurrency political action committee (PAC) that has been quite active recently.
Oh, really?
What have they been up to?😊
Well, this PAC, named Protect Progress, has spent nearly $2.5 million to support Democratic candidates in Washington state and Michigan.
This was reported by Cointelegraph today.
Wow, that's a significant amount!
Who are the candidates they are supporting?
In Washington state, they are supporting Emily Randall, who is running in the Democratic primary.
The PAC spent $1.5 million on media purchases to support her.
Emily Randall... Is she a strong supporter of cryptocurrencies?
Yes, she is.
According to Coinbase's 'Stand With Crypto' political initiative, Randall is rated as a 'strong' crypto supporter.
Interesting!
What about Michigan?
In Michigan's 13th Congressional District, the PAC supported incumbent Shuri Tanedar with a $1 million media buy.
Tanedar is also a strong supporter of digital assets.
What actions has Tanedar taken to support cryptocurrencies?
Tanedar voted in favor of the 21st Century Financial Innovation and Technology Act and a resolution to override SEC rules on banks' handling of cryptocurrencies.
That's impressive.
When are these races scheduled?
The races in Washington and Michigan are scheduled for August 6, which is less than 100 days before the November 5 general election.
Got it.
How much has this PAC spent in total?
According to Follow the Crypto data, Fairshake PAC and its affiliates Protect Progress and Defend American Jobs have spent about $42 million to support or attack candidates in various states.
That's a lot of money!
Have they spent anything on the 2024 presidential election?
Interestingly, it appears they have not spent any money on the 2024 presidential election between Donald Trump and Kamala Harris.
Hmm, that's curious.
So, do you think this news is a positive or negative development for the market?
I would say it's a positive development.
The significant financial backing for pro-crypto candidates suggests strong institutional support for the cryptocurrency sector, which could lead to favorable regulations and policies.
That's good to hear!😊 Thanks for the detailed explanation, Kang-hoon.
You're welcome, Annie.
Always a pleasure to discuss these topics with you.
Upon comprehensive consideration, this news is perceived as a 😍Bullish.