Cedar Innovation Foundation, a crypto-backed non-profit near Washington DC, has opened up shop to influence 2024 elections and cryptocurrency bills currently before Congress. Already they are targeting lawmakers with ads.
Most political groups and super PACs disclose their donors, with super PACs’ donors identified in Federal Election Commission filings. But some groups choose not to do this and these are known as dark money groups.
The Cedar Innovation Foundation
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The Cedar Innovation Foundation is a new crypto-funded nonprofit located near Washington DC to influence 2024 elections and Congress. They have already placed advertisements against lawmakers as well as hired a team of political strategists.
Cedar Innovation Foundation launched its inaugural campaign with a six-figure ad campaign targeting Ohio Senator Sherrod Brown, an outspoken opponent of crypto. Voters were encouraged to call on Brown to advocate for more supportive regulatory environments and replace SEC Chair Gary Gensler who has long been critical of crypto. Although its donors remain unknown, it’s expected that major crypto players such as Coinbase may contribute funds.
It’s a 501(c)(4)
An anonymous nonprofit group affiliated with the cryptocurrency industry is ramping up efforts to influence lawmakers and policies in Washington. This year, The Cedar Innovation Foundation, a Delaware 501(c)(4) registered with the Department of Homeland Security, opened an address near Washington and launched ads against at least one powerful lawmaker up for reelection. Mindset Advocacy, a lobbying shop known for working with Goldman Sachs and Amazon Web Services, was also hired. These hires were part of an overall effort by the crypto industry to regain its footing after a scandal-rid year; according to Better Markets CEO Dennis Kelleher, there may well be an upsurge in crypto-funded campaigns as it seeks to alter policies following high-profile legal cases.
This group is currently targeting Ohio Senator Sherrod Brown, an outspoken critic of crypto, who’s up for reelection this November. Their ads urge him to oppose SEC Chair Gary Gensler and fight for Ohio jobs; further adding to its intrigue. Their donors remain unknown as do their leadership decisions – adding further drama.
It’s a nonprofit
Cedar Innovation Foundation, a mysterious new nonprofit group funded by the crypto industry, has taken steps to exert their financial muscle on lawmakers. Since it was formed as a 501(c)(4) entity in April, it has placed advertisements targeting at least one powerful lawmaker up for reelection as well as hired strategists from Mindset Advocacy – a lobbying firm with connections to Goldman Sachs, Amazon Web Services and Barclays – signaling plans by this industry to intensify their presence in Washington.
Ohio Senator Sherrod Brown is one of the greatest obstacles to legitimizing digital assets, which makes him an easy target. Although the group won’t reveal who funded these ads, their purpose is clear – make life as difficult for him as he attempts to pass legislation regulating crypto, potentially setting the stage for a battle between the industry and government in shaping policies.
It’s a political hit job
Un unseen nonprofit funded by the crypto industry is ramping up its efforts to influence Congress. Since being registered as a Delaware 501(c)(4) in April, Cedar Innovation Foundation has launched advertisements against at least one powerful lawmaker running for reelection as well as hired strategists on its behalf.
These ads target Sherrod Brown, chair of the Senate Banking Committee who is an outspoken critic of crypto and has aligned himself with SEC Chair Gary Gensler against it. Additionally, their donors and leadership remain unknown for an aura of mystery surrounding their organization.
Josh Vlasto, the spokesperson for the foundation, declined to answer questions about its backers but lashed out at Better Markets as part of an official statement to CNBC. Vlasto noted, however, that such groups are “not surprising given they’re funded by big banks and hedge fund managers looking to retain access to Americans’ funds through crypto,” adding:
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