Crypto Election Lobbying | Blockchain Church

The sector is driving a significant portion of corporate political spending.

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Nina Bambysheva Staff Writer, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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CRYPTO’S CORPORATE ELECTION SPENDING SPREE

The crypto industry has emerged as a major force in corporate political spending for the 2024 election cycle, contributing nearly half of all corporate donations, according to a report by the nonprofit watchdog group Public Citizen. Blockchain companies have poured more than $119 million—48% of the $248 million spent by corporations to influence federal elections. Fairshake, the sector's foremost political action committee, has garnered significant financial support from major corporations like Coinbase and Ripple. Nearly $114 million of its total funding has come from these corporate backers, highlighting the industry's strong commitment to influencing political outcomes. Their primary focus is on promoting pro-crypto candidates while aggressively challenging crypto skeptics.

What sets the crypto industry's political strategy apart is its bipartisan approach. Fairshake, for instance, endorsed equal numbers of Democrats and Republicans in House races. The strategy paid off in the primaries, where crypto-backed super PACs saw 36 out of their 42 supported candidates win. However, many of these candidates are not openly promoting their positions on cryptocurrency.

A TOKENIZED CHURCH?

In the Middle Ages, the Church wielded its influence through the sale of indulgences—exchanging coins for a quicker path to salvation. Fast forward to the 21st century in Northern Colorado, where a different kind of church token is being introduced—not for salvation, but to purchase Fort Collins’ oldest church.

Thanks to an opportunistic real estate broker, a network of local churches is embracing blockchain technology to securitize their sanctuary. Pastor Blake Bush is spearheading the effort to raise $2.5 million for the purchase of the Old Stone Church, a historic 19th-century stone building his community has been renting for the past two years. Read more.

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Sources: Forbes Digital Assets, CoinGecko. Prices as of 3:30 p.m. on August 23, 2024.

A16Z LEADS $80 MILLION ROUND IN STORY PROTOCOL DEVELOPER

PIP Labs, the company behind Story Protocol, has raised $80 million in a Series B funding round led by Andreessen Horowitz’s crypto arm. This marks a rare third investment by the firm and one of the largest crypto fundraises in recent months. The funds will go towards developing Story’s blockchain platform designed to manage intellectual property. The platform promises a new approach to handling IP by turning it into programmable assets, though the challenge lies in convincing a broad user base to adopt this blockchain-based system over traditional methods.

ELSEWHERE

Harris Supports Policies to Expand Crypto Industry, Aide Says

Bloomberg