Overview of Protect Our Future
Protect Our Future, a political action committee launched in January 2022, has made a significant splash in the political arena—much like a cannonball in a kiddie pool. With a war chest topping $9 million, its backers, including former FTX CEO Sam Bankman-Fried, are eager to support a new wave of candidates vying for seats in the U.S. House of Representatives. Maybe they’re just trying to avoid facing too many senators with outdated views on crypto?
Where the Money Goes
According to the latest reports submitted to the U.S. Federal Election Commission as of April 14, Protect Our Future has dished out a whopping $9,024,317 to bolster candidates like Carrick Flynn, Lucia McBath, Shontel Brown, and Jasmine Crockett. The political targets span diverse locales such as Oregon, Georgia, Ohio, and Texas, creating a colorful patchwork of potential influence in Congress.
- McBath and Brown: Both incumbents, arguably enjoying the cozy warmth of donor love.
- Crockett: Currently representing Texas’ 100th District — a real contender!
- Flynn: A political fresh face who’s been in the “crypto witness protection program” for years, living abroad.
Advertising Spend and Strategies
More than $5 million of the PAC’s cash has been directed towards digital, television, and radio advertisements to promote Flynn’s campaign—talk about putting your money where your mouth is! Meanwhile, McBath received around $2 million, while both Crockett and Brown got a million each to help sweeten their campaigning endeavors. Who knew electoral success came at such a high price?
Crypto Policies and Candidate Views
Interestingly, Flynn has sidestepped any public commentary on cryptocurrencies, making you wonder if he’s secretly in love with fiat currency. In contrast, Cody Reynolds, another Democratic candidate in Oregon, highlighted the threat of legislation against cryptocurrencies like Bitcoin and Web3 as key issues—only to mysteriously vanish off the Internet, making it a clear case of ‘out of sight, out of mind.’
Nina Turner, the spirited competitor against Brown in Ohio, brings some zingers on social media, advocating against Congress members trading stocks, hinting that digital assets should probably be included in that no-go zone. Her messages point fingers at the cozy relationships developing between candidates and their crypto piggy banks—a matter raising eyebrows and virtual rallying cries alike.
Broader Implications for Cryptocurrency Policies
As crypto occupies center stage in discussions of global sanctions and domestic policy, Protect Our Future exemplifies the growing connection between cryptocurrency influences and American democracy. The landscape is shifting rapidly, and the crypto industry is calculating how best to mold and educate lawmakers faced with increased regulations. This strategy suggests a hefty future of political spending in hopes of digital favors—what will the next funding campaign look like? A PowerPoint presentation on how to support stablecoins or a compelling brochure on the benefits of blockchain?
Interestingly, as February saw Coinbase filing for a political action committee to support “crypto-forward lawmakers,” they have yet to report any expenditures. Perhaps they’re waiting for their moment in the sun—or brainstorming catchy slogans? One can only guess!
