A Democratic candidate, Emily Randall, running for the Congressional district that spans from Tacoma to the Olympic Peninsula, received significant support from a PAC backed by cryptocurrency billionaires. The group spent nearly $1.5 million on ads in favor of Randall this week.
Hilary Franz, who is running against her in the upcoming primary for the 6th Congressional District, labeled it as “the most extensive outside spending this district has ever witnessed” on Facebook. The funding was referred to as “dark money support.”
It’s an intriguing situation: Hilary Franz’s campaign manager designated her as “extremely pro-crypto” on a website that tracks industry advocates just a week ago. Moreover, both candidates appear to have similar public positions on “blockchain technology and the digital asset industry,” as Randall puts it on her website.
Randall referred to Franz’s Facebook video as a “desperate attack from a desperate politician” in a recent press release.
In May, the House passed a bill with bipartisan support to create a “regulatory regime tailored for crypto”, and the stances of lawmakers in Congress seem to echo this sentiment.
According to cryptocurrency researcher Molly White, PACs that focus on cryptocurrency have collected over $180 million in funds for both the Democrats and Republicans this year.
According to White, the ideal candidate for cryptocurrency-related legislative positions should be someone who is a staunch advocate of digital currency and supports bills that promote a more lenient regulatory environment for it. The candidate should also be in favor of friendlier tax policies towards cryptocurrency and should be open to the idea of traditional financial firms and banks getting involved with it. These are some of the key qualities that legislators are looking for in potential candidates for cryptocurrency-related positions.
Randall’s campaign received a total of $1.5 million for an independent ad buy, which was not coordinated with her campaign. However, the campaign received direct donations from cryptocurrency investors Tyler and Cameron Winklevoss, who are supporters of President Trump. It’s worth noting that outside spenders are not allowed to coordinate with the campaign, making this an independent effort.
It’s not entirely clear why the investors are donating to Randall, who is a progressive, queer Latina, as neither of them responded to inquiries. Perhaps, the Winklevoss twins believe that Randall has a higher chance of winning in the upcoming primary on Aug. 6 and in the general election in November.
Despite receiving donations from supporters of former President Donald Trump, Franz has faced her fair share of controversies. As the commissioner of public lands in the state, she was recently accused by 15 of her own employees of using her position to further her own political ambitions, according to The Seattle Times.
Randall has received endorsements from the two unions representing her employees.
