Patrick

2024

Better

Foundation

A mysterious nonprofit organization, the Cedar Innovation Foundation, has surfaced with murky intentions and significant backing from the crypto industry. This group shrouded in secrecy, has established a mailing address close to Washington, D.C., aiming to wield influence in the political sphere.&nbsp;
Recent revelations indicate that Cedar Innovation, backed by cryptocurrency entities and potentially receiving substantial funding fromCoinbase, has set its sights on the 2024 elections. Operating under a 501(c)(4) status and founded in Delaware, this enigmatic organization has launched ad campaigns targeting influential lawmakers up for reelection. Cedar Innovation’s crypto industry connections and political maneuvers 
With the crypto industry attempting a resurgence following a tumultuous period, including high-profile scandals involving figures likeover $18 million into lobbying endeavors, marking a significant push to shape legislation in their favor. 
The Cedar Innovation Foundation shrouded in anonymity regarding its leadership and financial backers, has engaged the services of experienced strategists and lobbying firms. Notably, it has hired Mindset Advocacy, a firm with ties to prominent financial entities, and enlisted the expertise of Bullpen Strategy Group, headed by veteran Republican strategist Joe Pounder.
Dennis Kelleher from Better Markets expressed concerns, predicting a substantial influx of “dark money” from the crypto industry aimed at undermining lawmakers critical of cryptocurrency. In response, Josh Vlasto, a spokesman for Cedar Innovation and a seasoned Democratic strategist, fired back, criticizing Kelleher and asserting the group’s commitment to fostering understanding and innovation within the crypto landscape. Strategic campaigns and political targets 
The foundation’s tactics involve an active advertising campaign on social media platforms like Facebook and Instagram, targeting figures such as Senate Banking Committee Chairman Sherrod Brown and vocal crypto critics Senators Elizabeth Warren and Roger Marshall. Brown, emphasizing his dedication to protecting citizens from financial risks associated with crypto, condemned the influence of undisclosed entities like Cedar Innovation.
While Cedar Innovation claims a mission centered on aiding policymakers and fostering innovation, experts like Kelleher view their actions as politically motivated. He asserts that their ad campaigns seem more focused on targeting specific lawmakers critical of crypto, rather than serving an educational purpose.
Cedar Innovation’s strategy involves engaging seasoned political operatives and lobbyists, including individuals with ties to influential members of Congress. With figures like Charlie Schreiber, associated with House Financial Services Chairman Patrick McHenry, the group aims to oppose legislative bills such as the Clarity for Payment Stablecoins Act of 2023, signaling their intent to influence regulatory changes in the crypto sector.
As this mysterious nonprofit intensifies its efforts to sway the political landscape, questions about transparency, financial motives, and ethical implications loom large. The clash between established financial interests represented by figures like Dennis Kelleher and the growing influence of crypto-backed entities like Cedar Innovation foreshadows a contentious battleground leading up to the 2024 elections.
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Crypto-funded nonprofit organization sparks election lobbying controversy

Todayq News

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