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New Anti-Crypto PAC Enters Fray

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Tue, 11/04/2023 - 17:15
New Anti-Crypto PAC Enters Fray
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A newly formed political action committee (PAC) named the Anti-Crypto Army has entered the political fray. It aims to attract those who oppose the fledgling asset class. 

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According to a recent filing with the Federal Election Commission (FEC), the committee's primary goal is to support or oppose multiple federal candidates and advocate for regulatory reforms surrounding digital assets.

As the wave of anti-crypto sentiment rises, the emergence of the Anti-Crypto Army occur amid growing concerns surrounding the potential risks posed by cryptocurrencies.

These apprehensions, echoing through the halls of power, are often voiced by influential figures like Senator Elizabeth Warren (D-MA), casting uncertainty over the future of digital currencies.

The appearance of the Anti-Crypto Army coincides with the formation of several pro-crypto PACs over the last few years. For instance, Financial Freedom PAC, which was introduced back in August 2022, was set up with the aim of electing pro-Bitcoin candidates in the U.S.

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It is unclear if Senator Warren initiated the PAC. However, her previous statements signal a strong commitment to advocating for stricter regulations and oversight in the sector, which makes her the leading anti-crypto crusader. In February, Politico reported that Warren was in the process of building an anti-crypto coalition.

The Anti-Crypto Army could potentially find allies among conservative Senate Republicans and bank lobbyists, who share concerns about the impact of digital asset start-ups on the traditional financial industry.

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