What Is The Crypto Freedom PAC Planning For The Midterm Elections?

Key Takeaways

• The Crypto Freedom PAC is backing pro-crypto candidates for the U.S. Senate.
• Pro-Bitcoin candidates supported by the super PAC include Blake Masters, Ted Budd, and Adam Laxalt.
• Wins from these pro-crypto candidates could be a good thing for the entire crypto industry, but only time will tell how the midterm elections play out.

PACs, or political action committees, can be found across the entire 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 can include running ads to advocate for their preferred candidate, or perhaps more common, against their political adversaries. While PACs are often bipartisan in nature, they are generally formed to advocate for specific issues.

The Crypto Freedom PAC is one of several crypto-focused PACs that have made their way onto the political scene.

What is the Crypto Freedom Political Action Committee?

The Crypto Freedom PAC was created on June 1, 2022. As the midterm elections appear on the horizon, it’s one of many PACs making its presence known.

The PAC has Adam Rozansky listed as its treasurer and custodian of record. David McIntosh is listed as the designated agent. If you see these names circulating, you’ll know they are involved in the Crypto Freedom PAC.

What does the Crypto Freedom PAC want?

The purpose of a super PAC is to spend funds in an effort to create preferred election outcomes. A super PAC is spending money in support of particular 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. When the candidates they back 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 “helping elect candidates for congress who will fight for crypto freedom and against any government overreach 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 Democrats in the House and Senate this November so we can block White House regulations AND remove anti-Bitcoin Senators such as Elizabeth Warren and Sherrod Brown from their powerful positions on the Hill. Democrats in Congress are a rubber stamp for Biden, and he’s made it clear that digital assets is [sic] in his sights if we don’t fight back.”

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

What actions has the Crypto Political Action Committee taken?

The Crypto Freedom PAC is relatively new, but the PAC has hit the political scene with a splash. Here’s a list of its accomplishments since June.

Spent Millions

The Crypto Freedom PAC apparently has very deep pockets. In just a matter of months, the super PAC has spent over $2.6 million. All of the spending has gone into supporting select 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 in support of candidates with crypto-friendly ideas.

Backing Select Candidates

On the Crypto Freedom PAC website, it clearly states which pro-crypto candidates it is supporting. The candidates getting public support from this PAC include Ted Budd and Adam Laxalt, but Blake Masters, a Bitcoin investor running for the U.S. Senate in Arizona and endorsed by Peter Thiel, seems 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 at assisting their candidates of choice.

How does this development impact crypto investors?

Unless you’ve been able to blissfully avoid the uncomfortable impact of politics, it’s likely that you’ve noticed that things are heating up ahead of the midterm elections. Even if your mailbox isn’t inundated with countless flyers about the different candidates, you might not be able to avoid the incessant political ads while watching TV, listening to the radio, or using the internet.

When the Crypto Freedom PAC entered the political landscape, it began to add its own take on politics to the mix. Specifically, it has gone about promoting pro-crypto candidates that could help to protect their vision of crypto’s future.

According to Bitcoin Magazine, the White House seems to have taken direct aim to create more regulations for cryptocurrencies. Specifically, the White House issued a report about the negative impacts of Bitcoin mining on the environment and suggested banning the proof-of-work process that serves as a critical component of the Bitcoin market.

The Crypto Freedom PAC is working to help crypto-friendly candidates make it into Congress. If the PAC succeeds, that could set up the cryptocurrency markets for more protection from the regulations that have been proposed.

As an investor, having crypto-friendly lawmakers in office is likely helping for your portfolio, or so the theory goes. After all, the laws of the land can change. If someone on Capitol Hill has an interest in protecting the cryptocurrency markets from interfering regulations, that could solidify the long-term future of cryptocurrency as an investment opportunity.

Bottom Line

After the recent cryptocurrency market crash, 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 players in the crypto industry with deep pockets who are prepared to spend to affect policies that will impact their interests.

As an everyday crypto investor, monitoring how these super PACs impact the long-term future of the crypto market is important. But if you don’t have the 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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