Connect with us

Arkansas

Pro-crypto super PACs pouring tens of millions into 2024 elections • Arkansas Advocate

Published

on

Pro-crypto super PACs pouring tens of millions into 2024 elections • Arkansas Advocate


Former president Donald Trump’s selection of Sen. J.D. Vance (R-Ohio), as his running mate is expected to turbocharge the cryptocurrency industry’s spending in the 2024 election cycle.

Vance, who owns up to $250,000 in Bitcoin, is a recent champion of the digital asset industry. During his time in the Senate, Vance has drafted legislation that would rework how the Securities and Exchange Commission and Commodity Futures Trading Commission regulate the crypto community — much to the liking of crypto investors.

Crypto-backed super PACs are already pouring tens of millions of dollars into congressional races.

One pro-crypto super PAC launched in December 2023, Fairshake, has already spent $14.4 million to independently bolster the campaigns of crypto-friendly congressional candidates in the 2024 election cycle. The bulk of that spending has gone to attacking Democratic candidates in primaries but Fairshake has also spent to support candidates on both sides of the aisle.

Advertisement

Fairshake ended June with nearly $120 million cash on hand, an OpenSecrets analysis of new campaign finance reports filed July 20 found.

On its website, Fairshake pledges to “support candidates committed to securing the United States as the home to innovators building the next generation of the internet.”

“Providing blockchain innovators the ability to develop their networks under a clearer regulatory and legal framework is vital if the broader open blockchain economy is to grow to its full potential here in the United States.”

Since corporations themselves cannot donate directly to political candidates or party committees and individual donors are subject to strict contribution limits, cryptocurrency companies and their executives are taking advantage of making unlimited contributions to super PACs — which are allowed to raise unlimited sums of money to support and oppose candidates thanks to the Supreme Court’s 2010 decision in Citizens United v. FEC.

 

Advertisement

 

Fairshake has received over $46.5 million in donations from Coinbase, one of the largest cryptocurrency exchange platforms in the U.S. A blockchain-based digital payment network called Ripple has also deepened Fairshake’s pockets with contributions totalling $45 million.

Executives at a Silicon Valley venture capital firm called Andreessen Horowitz have given over $44 million to Fairshake since its inception. After Trump’s selection of Vance as his running mate, those executives — Marc Andreessen and Ben Horowitz —  told employees that they plan to make large contributions to pro-Trump super PACs in the 2024 election cycle.

Trump — once a staunch critic of cryptocurrency — released his presidential platform saying, “Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency.”

Advertisement

In contrast, President Joe Biden’s administration has taken what some industry players have described as a “hardline” stance on cryptocurrency with the White House pushing for more regulation and appointing Gary Gensler, a former Goldman Sachs investment banker, to chair the SEC.

“We don’t need more digital currency,” Gensler stated in 2023. “We already have digital currency, it’s called the U.S. dollar.”

In the hours following Biden’s announcement ending his campaign, the price of Bitcoin briefly topped

$68,000, the highest increase for the cryptocurrency since June. The crypto community is increasingly curious to see whether Vice President Kamala Harris, who took over Biden’s campaign after his withdrawal from the race, will prolong Biden’s tight clamp on companies like Coinbase and Ripple or forge a new stance altogether.

 

Advertisement

 

Fairshake is affiliated with two super PACs. Defend American Jobs has spent $17.1 million to support pro-crypto Republican candidates in the 2024 elections while Protect Progress has spent $13.5 million supporting Democrats in the 2024 cycle. Together, the three pro-crypto super PACs have over $127.2 million on hand.

Like Fairshake, both of its affiliated super PACs are supported by Andreessen Horowitz, Coinbase, Ripple, and Multicoin Capital.

Since its inception, over $12 million of Fairshake’s spending has gone to oppose two Democratic candidates, Rep. Katie Porter (D-Calif.) and Rep. Jamaal Bowman (D-N.Y.) — both of whom lost their primaries. Fairshake launched attack ads on Porter, who has a history of allying with anti-crypto figures, like Sen. Elizabeth Warren (D-Mass.). Porter’s campaign called the claims in Fairshake’s attack ads “false.”

Advertisement

“We are making sure the 8 million crypto owners in California – who are disproportionately young voters who support Democrats – know about her hostility toward the technology and how that would hurt American jobs,” said Josh Vlasto, a spokesman for Fairshake, told CoinDesk, a cryptocurrency-focused news site.

Fairshake has supported pro-crypto congressional candidates across the political spectrum and has not yet commented on whether it will be supporting any presidential candidates.

As of July 24, the super PAC has spent over $702,000 to support Democrats including Rep. Steven Horsford (D-Nev.) and Rep. Wiley Nickel (D-N.C.). On the other side of the aisle, Fairshake has spent $551,600 to support Republicans including Rep. Young Kim (R-Calif.) and House Majority Whip Tom Emmer (R-Minn.).

 

Advertisement

 

Emmer and Nickel are cosponsors on multiple pieces of crypto-centered legislation that have circulated in the 117th and 118th Congress, including the Financial Innovation and Technology for the 21st Century Act, and the Digital Commodity Exchange Act — both of which seek to establish a regulatory framework for digital assets.

In a statement about the Financial Innovation and Technology for the 21st Century Act, Gensler wrote, “The crypto industry’s record of failures, frauds, and bankruptcies is not because we don’t have rules or because the rules are unclear. It’s because many players in the crypto industry don’t play by the rules.” He continued, “We should make the policy choice to protect the investing public over facilitating business models of noncompliant firms.”

On July 27, Trump made an appearance at a Bitcoin conference in Nashville, Tenn., where digital asset leaders gathered to discuss the future of cryptocurrency. Attendees had the option of paying $844,600 for an exclusive event after Trump’s keynote — the ticket price being the maximum amount an individual can legally contribute to Trump’s campaign in 2024.

At the event, Trumplaid out his “plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world.”

Advertisement



Source link

Arkansas

Office of Keep Arkansas Beautiful Now Part of the ARDOT

Published

on

Office of Keep Arkansas Beautiful Now Part of the ARDOT


The Arkansas Department of Transportation is now the home of the Office of Keep Arkansas Beautiful following the passage of Act 148 of the 2026 Fiscal Session.

The act, sponsored by Sen. Mark Johnson (R-Little Rock), transferred the duties and responsibilities of the Keep Arkansas Beautiful Commission to the new Office of Keep Arkansas Beautiful within ARDOT. The Keep Arkansas Beautiful Commission had previously operated under the Department of Parks, Heritage and Tourism.

This transition brings Keep Arkansas Beautiful’s community-focused programs under the same roof as ARDOT. According to a press release, working together as one organization will create new opportunities to align litter prevention and beautification efforts along the State’s Highway System.

Advertisement

“This partnership creates opportunities to think beyond litter,” McKenzie McMath Coronel, administrator of the Office of Keep Arkansas Beautiful, said. “Together, we can build on that work by enhancing the beauty of Arkansas through roadside wildflowers, scenic byways, community beautification, and other initiatives that make our highways and public spaces places people are proud of.”

READ ALSO: NPC Highlights Workforce Partnerships During Visit From U.S. Education Leaders



Source link

Continue Reading

Arkansas

Freshman OL Tucker Young never wavered through Arkansas football coaching changes | Whole Hog Sports

Published

on

Freshman OL Tucker Young never wavered through Arkansas football coaching changes | Whole Hog Sports





Freshman OL Tucker Young never wavered through Arkansas football coaching changes | Whole Hog Sports







Advertisement






Advertisement






Source link

Continue Reading

Arkansas

ROBERT STEINBUCH: DEI deja vu | Northwest Arkansas Democrat-Gazette

Published

on

ROBERT STEINBUCH: DEI deja vu | Northwest Arkansas Democrat-Gazette


Central Arkansas Library System formalized a four-month timeline two weeks ago to find its next executive director. During that meeting, Miguel Lopez, a banker and former chairman of the Arkansas Ethics Commission who is among the community members serving on the hiring committee, stepped up with the sad but predictable racialized script.

He’d like an emphasis on programming, he said. So far, so good. But then came the kicker: He wants a director who “either has a diverse background or diverse perspectives, and that can make anyone feel included.”

You know this autotuned siren song by now. DEI isn’t dead; it’s just rebranded, as if the United States Supreme Court, the Arkansas Legislature and governor, and basic common sense hadn’t already weighed in against it.

Note Lopez’s ask: diverse background or diverse perspectives. Of course, the former is the pigment and plumbing mandate that I’ve discussed here many times.

Advertisement

What exactly is “diverse perspectives,” though? Is it someone who believes (i.e., knows) that affirmative action is unconstitutional? Someone who understands that biological sex is real? Someone who voted for Donald Trump?

Somehow, those perspectives never seem to count. That’s because the phrase isn’t a commitment to viewpoint diversity at all. It’s a coded assurance that the successful candidate will embrace the “right” (i.e., left) views–an unwavering adherence to the narrow ideological catechism of race-conscious policy preferences, biological-sex denial, and the full DEI lexicon of systemic grievance–even if the candidate, mon Dieu, doesn’t check the preferred demographic boxes himself. And the moment a candidate expresses support for merit-based hiring, he is no longer “diverse.” He is disqualified. Diversity, it turns out, is remarkably homogenous.

But at least Lopez comes to his outlook organically, having once served as the “Hispanic resource officer” at First Community Bank. Who came up with that title–Archie Bunker?

Lopez says he wants to make everyone feel included. Here’s a radical idea that actually works: include them by hiring the best person for the job without regard to race, sex, or other identity checkboxes. And treat patrons as individuals who come to the library for books, knowledge, programming, and quiet refuge–not as avatars of demographic grievance.

That’s not only good policy, it’s the law. Arkansas prohibits any governmental entity from “discriminat[ing] against, or grant[ing] preferential treatment to, an individual or group on the basis of race, sex, color, ethnicity, or national origin . . . .”

Advertisement

Sadly, the left has spent decades using schools, media, politics, and captured institutions to indoctrinate the public into believing that “diversity” means something nobler than old-fashioned affirmative discrimination. It doesn’t. It functions as a linguistic loyalty oath. To be considered a candidate of a “diverse background” or possessing “inclusive values,” an individual must subscribe wholesale to a specific framework of systemic grievance and identity politics–where dissent is not viewed as a valid counterpoint, but an existential threat to the collective.

Forgive my return to this topic in this column after having had a brief respite, but Lopez’s comments demonstrate that euphemized discrimination resists eradication like a fungus, and efforts to conceal its nature are one of the great hypocrisies of modern times. Take, for example, those academics who insist that their replacement of the pre-Bakke admissions quotas with “holistic review” was anything beyond a transparent shell game.

Holistic review’s score sheet includes such, uh, measurable qualifications as “grit,” which rides along with “lived experience” as wonderfully pliable tools allowing admissions officers to engineer the same racial outcomes as quotas while pretending to evaluate character. The subjectivity isn’t a bug. It’s the feature that makes demographic tailoring possible. No surprise, then, that the outcomes of this alleged comprehensive evaluation method remarkably track the old quota system.

Consider, similarly, the inverted logic of those bemoaning the “implicit bias” of standardized exams painstakingly designed to be neutral. DEI ideologues deride that objectivity, because they won’t abide testing that doesn’t necessarily produce equal results across cohorts. So their solution is always the same: discard the test, massage the scores to create the à priori demanded outcomes, or declare objectivity itself suspect.

Even worse is the central paradox of the modern diversity apparatus: DEI directives champion a kaleidoscope of appearance, but the orthodoxy of thought is non-negotiable. DEI turns neutral public institutions into Red Guard re-education camps (forgive my mixing of communist thuggery for illustrative purposes).

Advertisement

The library should be about literacy, access to ideas, and community enrichment–not an outpost for the latest equity workshop. Patrons don’t check the director’s demographic scorecard before checking out a book. They care whether the shelves are stocked, the programs are substantive, the budget is managed responsibly, and the doors open on time.

Merit doesn’t have a skin color or gender quota. The country has moved past this failed experiment. Corporations have abandoned it. Courts have struck it down. And states are legislating against it, as Arkansas already has. If public institutions like CALS don’t lead by example, they should at least stop lagging behind.

This is your right to know.


Robert Steinbuch, the Arkansas Bar Foundation Professor at the Bowen Law School, is a Fulbright Scholar and author of the treatise “The Arkansas Freedom of Information Act.” His views do not necessarily reflect those of his employer.

Advertisement



Source link

Continue Reading
Advertisement

Trending