Sat, July 27, 2024 at 05:06

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some intriguing news about a cryptocurrency political action committee (PAC) that has been quite active recently.

  • 
• Annie

  • Oh, really?

  • What have they been up to?😊

  
• 

  Kang-hoon

  • 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.

• Annie

  • Wow, that's a significant amount!

  • Who are the candidates they are supporting?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • 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.

• Annie

  • Emily Randall... Is she a strong supporter of cryptocurrencies?

  
• 

  Kang-hoon

  • Yes, she is.

  • According to Coinbase's 'Stand With Crypto' political initiative, Randall is rated as a 'strong' crypto supporter.

• Annie

  • Interesting!

  • What about Michigan?

  
• 

  Kang-hoon

  • 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.

• Annie

  • What actions has Tanedar taken to support cryptocurrencies?

  
• 

  Kang-hoon

  • 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.

• Annie

  • That's impressive.

  • When are these races scheduled?

  
• 

  Kang-hoon

  • The races in Washington and Michigan are scheduled for August 6, which is less than 100 days before the November 5 general election.

• Annie

  • Got it.

  • How much has this PAC spent in total?

  
• 

  Kang-hoon

  • 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.

• Annie

  • That's a lot of money!

  • Have they spent anything on the 2024 presidential election?

  
• 

  Kang-hoon

  • Interestingly, it appears they have not spent any money on the 2024 presidential election between Donald Trump and Kamala Harris.

  • 
• Annie

  • Hmm, that's curious.

  • So, do you think this news is a positive or negative development for the market?

  
• 

  Kang-hoon

  • 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.

• Annie

  • That's good to hear!😊 Thanks for the detailed explanation, Kang-hoon.

  
• 

  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.