Mysterious crypto ‘dark money' group ramps up lobbying efforts ahead of 2024 election

A mysterious nonprofit group backed by the crypto industry has set up a mailing address about 100 miles from Washington, D.C. The group is launching advertisements against at least one powerful lawmaker who’s up for reelection and has hired a group of strategists to lobby on its behalf. The organization is heavily funded by the crypto industry, with Coinbase likely to write a check for the group by the end of the year.

A new mysterious nonprofit group backed by the crypto industry has set up a mailing address about 100 miles away from Washington DC, and is making moves to exert power in the nation’s capital.

The group has launched advertisements against at least one powerful lawmaker who’s up for reelection, and has quietly hired a group of strategists to fight on its behalf. It’s part of a broader effort by the crypto industry to influence Congress ahead of the 2024 elections as crypto-related bills emerge in Washington.

Crypto groups spent over $18 million on lobbying last year. The Cedar Innovation Foundation, the nonprofit behind this latest effort, doesn’t publicly disclose its donors or leadership.

Coinbase, a major player in the crypto industry, is expected to contribute to the funding by the end of the year. The group has also hired a lobbying firm that has worked with high-profile companies like Goldman Sachs and Amazon.

Experts predict that the crypto industry will spend significant amounts of money to support pro-crypto candidates in the upcoming elections. Critics argue that this influx of “dark” money will undermine representatives’ ability to advocate for their constituents’ interests.

The Cedar Innovation Foundation has been running targeted ad campaigns on social media platforms since last year. These campaigns aim to influence key lawmakers and regulators and have called on voters to contact specific politicians to challenge their positions on crypto.

The foundation claims to be a non-partisan organization dedicated to providing resources to policymakers. However, critics argue that their strategy is focused on targeting lawmakers critical of the crypto industry in order to hinder their reelection efforts.

To support its influence campaign, Cedar Innovation has hired experienced political strategists and lobbyists, some of whom have connections to members of Congress. Their goal is to oppose bills like the Clarity for Payment Stablecoins Act of 2023.

Overall, the crypto industry is ramping up its efforts to shape the political landscape, with the Cedar Innovation Foundation playing a key role in this push.