Cryptocurrency firms are trying to buy influence with a Dallas Congressional seat

[TexasTowelie]

Former Rep. Martin Frost, D-Dallas, represented the 24 District from 1979 to 2005. He is immediate past president of the Former Members of Congress and was chair of the Democratic Congressional Campaign Committee from 1995-1998 and chair of the U.S. House Democratic Caucus from 1999 – 2002.


Some of us have been arguing for real campaign finance reform for years. The need for this reform has a new poster child. It is special interest funding in the March 1 Democratic Primary in Texas Congressional District 30 and its name is cryptocurrency.

The Biden Administration is seeking to regulate cryptocurrency and this industry is trying to win new political friends to oppose the effort by jumping into select Congressional races across the country.

In the final weeks before the primary, two SuperPACs affiliated with the cryptocurrency industry are spending $2 million in independent expenditures to bolster the campaign of one of the nine candidates in the Democratic primary for U.S. District 30 to represent Dallas. These SuperPACS, which can accept unlimited contributions from wealthy individuals, corporations and partnerships, are buying television and radio ads to boost the campaign of Texas Rep. Jasmine Crockett.

Recent news reports say these and other cryptocurrency SuperPACS will spend at least $20 million this year to elect members of Congress who are friendly to them.

These PACs are the results of a 2010 Supreme Court case, Citizens United, which dramatically changed the rules for contributions in federal campaigns. Prior to the Citizens United decision, wealthy individuals could only contribute a limited amount directly to a federal campaign ($2,900 after indexing for inflation). Now, wealthy individuals can contribute unlimited amounts to SuperPACs and other entities (501c4s,) which can buy ads for and against federal candidates as long as the groups don’t directly coordinate with candidates.

Read more: https://www.dallasnews.com/opinion/commentary/2022/02/20/cryptocurrency-firms-are-trying-to-buy-influence-with-a-dallas-congressional-seat/

[empedocles]

1. 'Secrecy' is the key to crypto. Just what we need for our elected officials, and others in power.

'The anonymity provided by cryptocurrency has helped facilitate its use by criminals in a myriad of ways. These uses include drug sales over the dark web, payments for ransomware attacks, tax evasion, financing for terrorism and organized crime, money laundering, and more.
With Criminal Use of Cryptocurrency on t... | U.S. Senator ...

www.hassan.senate.gov/news/press-releases/with-criminal-use-of-cryptocurrency-on-the-rise-senator-hassan-calls-for-action-from-federal-agencies

www.hassan.senate.gov/news/press-releases/with-criminal-use-of-cryptocurren…'

[ColinC]

2. In this particular case though, they might help keep a seat blue.

Im not complaining.