A pro-crypto super PAC has announced its plans to spend $1.5 million in opposition to Rep. Al Green (D-Texas) in the upcoming Democratic primary race. The group, known as Protect Progress and affiliated with the leading industry super PAC Fairshake, cited Green’s voting record on crypto legislation as the reason for their opposition.
According to the super PAC, Green has voted against two major crypto bills in the past, which has raised concerns among the crypto community. The bills in question are the Token Taxonomy Act and the Digital Taxonomy Act, both of which aim to provide a clear regulatory framework for cryptocurrencies and blockchain technology.
The Token Taxonomy Act, introduced in 2019, seeks to exempt certain digital assets from securities laws and provide clarity on the treatment of cryptocurrencies for tax purposes. The Digital Taxonomy Act, introduced in 2020, aims to establish a working group to study and make recommendations on how to regulate digital assets.
The pro-crypto super PAC believes that Green’s voting record on these bills goes against the interests of the crypto industry and its supporters. They argue that his opposition to these bills shows a lack of understanding of the potential of cryptocurrencies and blockchain technology to drive innovation and economic growth.
In a statement, Protect Progress stated, “We cannot afford to have representatives who are not willing to embrace the future and support the growth of the crypto industry. Rep. Al Green’s voting record on crypto legislation is a clear indication that he is not the right candidate for the job.”
The super PAC also pointed out that Green’s district, which includes parts of Houston, is home to a growing number of crypto and blockchain companies. They argue that by opposing crypto legislation, Green is hindering the growth and development of these businesses, which could have a negative impact on the local economy.
The announcement of the super PAC’s plans to oppose Green in the primary race has sparked a debate within the Democratic party. Some have criticized the move, arguing that it goes against the party’s values of supporting progressive candidates. However, others have shown support for the super PAC’s stance, stating that it is important to have representatives who understand and support the potential of cryptocurrencies and blockchain technology.
In response to the criticism, Protect Progress clarified that their opposition to Green is not based on his political affiliation, but rather on his voting record on crypto legislation. They also stated that they are open to supporting other candidates who align with their views on the crypto industry.
The super PAC’s decision to spend $1.5 million in opposition to Green is a significant move that highlights the growing influence of the crypto industry in politics. With the industry gaining more mainstream attention and support, it is not surprising that it is now making its mark in the political arena.
In conclusion, the pro-crypto super PAC’s announcement to oppose Rep. Al Green in the Democratic primary race is a clear indication of the industry’s determination to have representatives who understand and support the potential of cryptocurrencies and blockchain technology. As the industry continues to grow and evolve, it is crucial to have lawmakers who are willing to embrace the future and support its development.