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Cryptocurrency Billionaires Invest Big Money in Washington Congressional Candidate
This week, in the congressional district that stretches from Tacoma to the Olympic Peninsula, a PAC funded by cryptocurrency billionaires spent nearly $1.5 million on ads supporting Emily Randall, a Democrat.
On FacebookHis Democratic opponent in the upcoming 6th Congressional District primary, Hilary Franz, called him “the darkest financial backer, who represents more outside spending than this district has ever seen.” (She later deleted the video.)
But here’s where it gets interesting: Hilary Franz’s campaign manager himself, a week ago, called her “very pro-crypto” on a tracking site For industry advocates, the two candidates’ public positions on topics like “blockchain technology and the digital asset industry,” as Randall calls it on his website, appear to be the same.
In a press release, Randall called Franz’s Facebook video “a desperate attack by a desperate politician.”
Their positions reflect the general mood in Congress, where in May a bill that would create a “cryptocurrency-friendly regulatory regime” passed the House with bipartisan support.
Cryptocurrency-focused PACs have raised more than $180 million this year for both Democrats and Republicans, according to cryptocurrency researcher Molly White.
“In general, they’re looking for candidates who are very supportive of cryptocurrency and are willing to support bills that take a lighter regulatory approach to it,” White said. “More favorable tax policy toward cryptocurrency, more latitude for banks and other types of traditional financial businesses to get involved in cryptocurrency, things like that.”
The $1.5 million spent on ad buys was spent independently of Randall’s campaign, and those kinds of outside donors aren’t supposed to coordinate with her. But her campaign has also received campaign donations directly from cryptocurrency investors — Tyler and Cameron Winklevoss — who support President Trump.
Their reasons for donating to Randall, a progressive, queer Latina, are less clear, and neither investor responded to questions. It’s possible the Winklevoss twins simply believe Randall has a better chance of winning the upcoming August 6 primary and November general election.
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Franz has also received donations from Trump supporters and is not without controversy. She is the state’s public lands commissioner and, earlier this month, 15 of her employees told the Seattle Times She used her position to inappropriately promote her political aspirations.
Both unions representing his employees supported Randall.
RELATED: Hilary Franz ends campaign for Western Australia governor, now runs for Congress
This story has been updated.