New Crypto Advocacy Group Emerges Near D.C. Ahead of US Elections
A crypto advocacy group, operating discreetly with limited public disclosure, is preparing to champion digital assets in anticipation of the upcoming US presidential election, as per a recent report.
According to CNBC, an enigmatic non-profit entity named “The Cedar Innovation Foundation” was established in Delaware in April, offering scant details on its supporters or staff on its website and its social media account on X.
Although the organization’s backers remain undisclosed, sources familiar with the matter suggest that leading US crypto exchange Coinbase is expected to contribute funds to the nonprofit by the close of 2024.
The Cedar Innovation Foundation has reportedly enlisted the services of Mindset, a self-described “bipartisan public policy firm.” Notably, Mindset has previously served clients such as Goldman Sachs, Amazon Web Services, Aflac, Allstate, Barclays, Verizon, and Wells Fargo, as per OpenSecrets, an impartial research group monitoring financial activities in politics.
Additionally, the non-profit has engaged Bullpen Strategy Group (BSG), a public affairs advocacy firm led by Joe Pounder, an experienced Republican operative, according to CNBC.
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Cedar appears to be focusing its efforts on US legislators critical of cryptocurrencies, including Senators Sherrod Brown (D-Ohio), Elizabeth Warren (D-Massachusetts), and Roger Marshall (R-Kansas).
Josh Vlasto, a spokesperson for Cedar, emphasizes to CNBC the desire that lawmakers skeptical of crypto won’t succumb to the influence of Wall Street banks and their vested interests. He asserts that The Cedar Innovation Foundation, as a non-partisan entity, is dedicated to aiding policymakers and the public in comprehending the implications at hand while equipping regulators with the necessary tools amid a period of transformative change.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
