Former 2020 U.S. Presidential contender launches Super PAC to promote Web3
Brock Pierce, an inventor of the Tether stablecoin and presidential contender in 2020, has announced the foundation of a super PAC dedicated to promoting blockchain technology.
Pierce, who has previously hinted at a bid for the Vermont Senate, said that the Super PAC would primarily concentrate on promoting the development of Web3, as reported by Politico on August 11.
According to Pierce, the development of Web3 is a method for combating the dominance of large technology firms, in addition to supporting other essential topics such as food security. Super PACs are independent expenditure-only political groups that may accept unlimited donations from individuals and corporations.
One America is anticipated to spend at least $5 million during the current election cycle, with an additional $5 million in contributions on the horizon. However, the organisation has yet to identify its targeted candidates, although it will concentrate on the Northeast area.
Extending the effect of Super PACs
Pierce said he was “just getting started” and intends to expand the PAC’s impact until the 2024 elections. Notably, cryptocurrencies are gaining centre stage in U.S. political cycles before the polls for the first time as the government advances toward regulating the industry. The market crash of 2022 has partially compelled the regulation.
Pierce remarked in a prior interview with Finbold that the crypto market’s volatility was hindering the sector’s creativity.
Lobbying efforts are increasing
Several crypto industry participants have launched PACs to garner influence in Washington, promote the industry, and secure favourable regulatory results. In 2022 alone, Sam Bankman-Fried, the creator of the FTX cryptocurrency exchange, gave almost $40 million to the election campaign.
Existing crypto regulation ideas are already influenced by the lobbying efforts of a subset of the crypto market participants. While drafting the entire U.S. crypto bill, Wyoming Senator Cynthia Lummis indicated that she sought input from crypto supporters who would continue to be essential as the draught legislation is contested.
In general, the power of crypto PACs will certainly increase before the 2024 elections. According to a recent Finbold analysis, spending on crypto lobbying increased by 116% in 2021, primarily due to regulatory uncertainties.