What is Crypto Freedom PAC planning for the midterm elections?

Important takeaways

• Crypto Freedom PAC supports pro-crypto candidates for US Senate.
• Pro-Bitcoin candidates supported by the super PAC include Blake Masters, Ted Budd and Adam Laxalt.
• Gains from these pro-crypto candidates could be a good thing for the entire crypto industry, but only time will tell how the midterms turn out.

PACs, or political action committees, can be found across the political spectrum. The goals of these individual PACs include raising and spending money to support the election or defeat of a particular candidate.

These organizations have the power to make independent expenditures in federal races, which may include running ads to advocate for their preferred candidate, or perhaps more commonly, against their political opponents. While PACs are often bipartisan in nature, they are usually formed to advocate for specific issues.

Crypto Freedom PAC is one of several crypto-focused PACs that have entered the political scene.

What is the Crypto Freedom Political Action Committee?

Crypto Freedom PAC was created on June 1, 2022. As the midterm elections loom on the horizon, it is one of many PACs making their presence known.

The PAC has Adam Rozansky listed as its treasurer and data controller. David McIntosh is listed as the designated agent. If you see these names circulating, you will know they are involved with the Crypto Freedom PAC.

What does Crypto Freedom PAC want?

The purpose of a super PAC is to use funds in an attempt to create preferred election outcomes. A super PAC spends money to support specific candidates. But these organizations cannot contribute directly to a candidate’s campaign, which distinguishes them from regular PACs that can contribute funds to a candidate’s campaign. Once the candidates they support are elected, the hope is that the super PAC’s underlying interests will be protected.

According to the Crypto Freedom super PAC’s website, it is dedicated to “help elect candidates to Congress who will fight for crypto freedom and against any government handover of digital assets.”

The Super PAC continues to clarify its mission with the following statement: “We believe the only way to protect crypto is to beat House and Senate Democrats in November so we can block White House regulations AND remove anti-Bitcoin senators who Elizabeth Warren and Sherrod Brown from their powerful positions on the Hill Democrats in Congress are a rubber stamp for Biden, and he has made it clear that digital assets are [sic] in his sights if we don’t fight back.”

Crypto Freedom PAC supports crypto-friendly candidates. Although the PAC is officially non-partisan, its efforts are more in line with some right-wing candidates.

What actions has the Crypto Political Action Committee taken?

Crypto Freedom PAC is relatively new, but the PAC has hit the political scene with a splash. Here is a list of achievements since June.

Used millions

Crypto Freedom PAC apparently has very deep pockets. In just a few months, the super PAC has spent over $2.6 million. All expenses have gone to support selected Republican candidates.

According to Open Secrets, the super PAC spent $213,060 in support of certain Republican candidates and $2,215,869 against other Republican candidates, as of October 17, 2022. However, the midterm election cycle is still heating up. With that, it’s likely that this super PAC will continue to spend big on supporting candidates with crypto-friendly ideas.

Backing Select candidates

The Crypto Freedom PAC website clearly states which pro-crypto candidates it supports. Candidates receiving public support from this PAC include Ted Budd and Adam Laxalt, but Blake Masters, a Bitcoin investor running for US Senate in Arizona and backed by Peter Thiel, appears to be the primary beneficiary of the PAC for now .

During this first election cycle, it remains to be seen how effective the Crypto Freedom PAC is in helping its election candidates.

How do these developments affect crypto investors?

Unless you’ve been fortunately able to avoid the unpleasant effects of politics, it’s likely that you’ve noticed things heating up ahead of the midterm elections. Even if your mailbox is not flooded with countless flyers about the various candidates, you may not be able to avoid the incessant political advertisements while watching TV, listening to the radio or using the Internet.

As the Crypto Freedom PAC entered the political landscape, it began to add its own view of politics to the mix. In particular, it has focused on promoting pro-crypto candidates who can help protect their vision of crypto’s future.

According to Bitcoin Magazine, the White House appears to have taken direct aim at creating more regulations for cryptocurrencies. In particular, the White House issued a report on the negative effects of Bitcoin mining on the environment and suggested banning the proof-of-work process that serves as a critical component of the Bitcoin market.

Crypto Freedom PAC works to help crypto-friendly candidates get into Congress. If the PAC is successful, it could set up the cryptocurrency markets for more protection from the proposed regulations.

As an investor, having crypto-friendly lawmakers in office is likely to help your portfolio, or so the theory goes. After all, the country’s laws can change. If someone on Capitol Hill has an interest in protecting the cryptocurrency markets from disruptive regulation, it could strengthen the long-term future of cryptocurrency as an investment opportunity.

The bottom line

After the recent crash in the cryptocurrency market, many investors are understandably wary of crypto. But the creation of the Crypto Freedom PAC and other pro-crypto super PACs has made it clear that there are deep-pocketed crypto industry players willing to spend money to influence policies that will affect their interests.

As a regular crypto investor, it is important to monitor how these super PACs affect the long-term future of the crypto market. But if you don’t have time to regularly monitor the notoriously volatile crypto market, you can harness the power of AI to handle it for you.

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