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

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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.

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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.

 

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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.”

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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.

 

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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.”

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“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.).

 

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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.”

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Arkansas

Suspect in Sawmeal Restaurant shooting killed in officer-involved shooting in Arkansas – WBBJ TV

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Suspect in Sawmeal Restaurant shooting killed in officer-involved shooting in Arkansas – WBBJ TV


December 7th, 2024 Adamsville, TN Shooting Update Press Release

📸: North Little Rock Police Department

On the date of December 7th, 2024, just after 4:00pm the Adamsville Police Department responded to the Sawmeal Restaurant located at 731 E Main Street in Adamsville, TN on the report of a gunshot injury that occurred in the parking lot. During the course of the investigation, APD was able to determine that the gunshot injury was directly correlated with an automobile theft that had occurred in the parking lot of the business. The actions and events surrounding that automobile theft included a use of force and intimidation, and the use and discharge of a firearm, in the perpetration of the crime. As a result, a 21-year-old male employee of the Sawmeal Restaurant suffered a single gunshot wound to the upper extremities. The victim was treated on the scene, stabilized by emergency medical services, and transported via aircraft to a medical facility for further treatment.

SEE ALSO: Adamsville Police investigating theft/shooting (12/7/24)

The Adamsville Police Department requested the assistance of the Tennessee Bureau of Investigation and immediately began to swiftly and diligently investigate this case. As a result of that investigation, we were quickly able to identify a suspect. On the following afternoon of December 8th, 2024, warrants for the arrest of the suspect in this case, Jeffery Lynn Marchbanks Jr., age 35, of Savannah, TN were obtained by the Adamsville Police Department for numerous felony charges to include Criminal Conspiracy to Commit Attempted First-Degree Murder and Carjacking. The Adamsville Police Department, the Tennessee Bureau of Investigation, and the United States Marshals Service immediately began to work collaboratively to identify the whereabouts of Jeffery Marchbanks Jr. to bring him into custody.

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Participating agencies were quickly able to identify that Mr. Marchbanks had fled the State of Tennessee and was not currently a threat locally. Based on the information gathered, the Adamsville Police Department, Tennessee Bureau of Investigation, and United States Marshals Service began collaborating with Arkansas State Police and the Little Rock Police Department to locate Mr. Marchbanks in the State of Arkansas. On the afternoon of 12/17/2024 APD was notified by North Little Rock PD that Mr. Marchbanks had been fatally wounded in an officer involved shooting in North Little Rock, AR after reportedly attempting to commit an armed robbery at a gas station in North Little Rock. The victim in our case was notified immediately by APD of the circumstances surrounding the incident in North Little Rock, AR. At this time, the case relating to the shooting at Sawmeal Restaurant is considered closed by APD.

I would like to take time to say “thank you” to APD Detective JP Kellum and our staff, the Tennessee Bureau of Investigation, the United States Marshals Service, and the 25th Judicial District Attorney’s Office for their exhaustive efforts, diligent work, and partnership on this case. Senseless, violent crime will not be tolerated in our community, and we will, as always, continue to work tirelessly to ensure that our community remains a safe place for our citizens and our visitors.

For more local crime stories, click here.





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Arkansas

Arkansas president electors cast votes for Trump, Vance

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Arkansas president electors cast votes for Trump, Vance


LITTLE ROCK, Ark. (KAIT/KARK) – Arkansas presidential electors cast their ballots for President and Vice President-elect of the United States on Tuesday.

According to content partner KARK, the six votes went to President-elect Donald Trump and Vice President-elect J.D. Vance. The six electors who cast votes represented the Republican Party of Arkansas.

You can read more on KARK’s website.

To report a typo or correction, please click here.

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Vote: Arkansas high school quarterback of the year (12/17/24)

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Vote: Arkansas high school quarterback of the year (12/17/24)


After another exciting season of football here in the state of Arkansas, it is time to see who were the best high school quarterbacks this season. These phenomenal players led their teams to great seasons, and many will look to continue their career at the collegiate ranks. With that being said, we have nominated eight quarterbacks to be voted on for the quarterback of the year. We ask you, the fans, to vote on who you think had the best season from the quarterback position.

Here are the nominees. Voting concludes Dec. 31 at 11:59 p.m.

Just like the running back play in the state, Arkansas produced some outstanding high school quarterbacks this season. Cobb was 357/564 passing for 4,245 yards and 48 touchdowns with only 12 interceptions this season. He completed 63 percent of his passes and averaged almost 12 yards per completion. He is also a threat running the ball. He rushed the ball 165 times for 898 yards and 15 touchdowns. He averaged 5.4 yards per rush, and rushed over 100 yards in four games this season.

Archer, who is a composite three-star recruit, completed 247 passes on 303 attempts this season. That comes out to an 81.5 percent completion percentage, and he passed for 3,880 yards and 57 touchdowns this season with only two interceptions. He also averaged almost 16 yards per completion which shows how accurate of a passer he is. Lastly, he rushed for 795 yards and 10 touchdowns on 81 carries.

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The junior was 273/454 with 3,635 yards and 35 touchdowns this season. His completion percentage was 60 percent, and he averaged 13.3 yards per completion. He showed his aggressiveness as a passer which is something you like to see out of a quarterback.

The junior was one of the bright spots on a team that struggled this season. However, he showed the ability that he can lead his team to great things next season. He was 249/413 for 3,134 yards and 29 touchdowns with only 10 interceptions this season. He averaged just over 60 percent with his completion percentage, and he averaged 12.6 yards per completion. Thompson also showed that he is a capable runner by rushing for 435 yards and 12 touchdowns this season.

The senior quarterback was 224/321 with 2,877 yards and 27 touchdowns this season. He threw only six interceptions, and he completed almost 70 percent of his passes. Miller is also a capable runner. He rushed for 638 yards and 11 touchdowns this year while averaging five yards per carry.

The sophomore stepped up into a big role this season as the signal caller for the Pirates. He was 173/298 for 2,830 yards with 35 touchdowns and only three interceptions. He averaged 16.4 yards per completion, and he completed 58 percent of his passes.

Wolcott is another junior who had a spectacular season. He was 157/234 passing the football with 2,554 yards and 32 touchdowns. He completed 67 percent of his passes, and he threw only five interceptions. He also got one rushing touchdown this season in the win over De Queen.

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The senior quarterback completed 152 passes on 235 attempts for 2,529 yards with 34 touchdowns and only four interceptions. He also completed just under 65 percent of his passes this season. His running game was also superb this season. Washington rushed for 932 yards and 12 touchdowns while averaging 6.7 yards per carry.



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