A New Nonprofit Group in the Crypto Industry is Making Moves in Washington, D.C.
A mysterious nonprofit organization called the Cedar Innovation Foundation has emerged in the crypto industry with a mission to exert power and influence in Washington, D.C. The foundation, backed by various crypto industry players, has set up a mailing address near the nation’s capital and is actively involved in political activities.
The Crypto Industry’s Effort to Influence Congress
Cedar Innovation Foundation is part of a broader effort by the crypto industry to shape policy and influence Congress ahead of the 2024 elections. As crypto-related bills make their way through Washington, the industry is seeking to bounce back from a scandal-filled year and ensure its interests are represented.
Significant Funding and Lobbying Efforts
The Cedar Innovation Foundation is receiving substantial funding from major players in the crypto industry. Coinbase is expected to provide financial support to the group, while Mindset Advocacy, a lobbying firm that has worked for prominent organizations like Goldman Sachs and Amazon Web Services, has been hired to represent Cedar Innovation’s interests.
Last year, the crypto industry spent over $18 million on lobbying efforts, indicating a strong commitment to influencing policy decisions.
Predictions of Increased Spending and Political Campaigns
Experts predict that the crypto industry will significantly increase its spending this year to counter lawmakers critical of cryptocurrency. Dennis Kelleher, CEO of nonprofit Better Markets, expects “crypto-funded ‘dark’ money campaigns” targeting opponents of the industry. He estimates that hundreds of millions of dollars will be spent in an attempt to defeat these politicians.
Critics and Responses
The Cedar Innovation Foundation has faced criticism from figures like Dennis Kelleher. Josh Vlasto, a spokesperson for the foundation, responded by accusing Better Markets of being funded by big banks and hedge fund managers who want to maintain their control over Americans’ money.
Advertising Campaigns and Targeted Lawmakers
Cedar Innovation has been actively running advertisements on Facebook and Instagram, spending over $27,000 on ads. The group has targeted lawmakers such as Sherrod Brown, Elizabeth Warren, and Roger Marshall, urging voters to take action.
Strategists and Lobbyists Working for Cedar Innovation
The foundation has hired experienced strategists and lobbyists to support its influence campaign. Mindset Advocacy, which has ties to influential organizations like Goldman Sachs, Amazon Web Services, and Barclays, is among the firms working for Cedar Innovation. Bullpen Strategy Group, founded by Republican strategist Joe Pounder, is also involved in the campaign.
Hot Take: Crypto Industry’s Growing Political Influence
The emergence of the Cedar Innovation Foundation highlights the increasing political influence of the crypto industry. With significant funding and strategic hires, this nonprofit organization aims to shape policy decisions in Washington, D.C. However, critics argue that these efforts represent a “political hit job” rather than an educational campaign. As the 2024 elections approach, it remains to be seen how successful the crypto industry will be in influencing lawmakers and promoting its interests.
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