Uncovering the mysterious organization in the crypto world trying to influence the 2024 US election

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Faced with the Cedar Innovation Foundation’s ambitious plans, the community became curious about the team behind it and the fund’s investors. However, all information about these characters remains a mystery.

According to a recent report from CNBC, Cedar Innovation Foundation – a cryptocurrency industry-backed non-profit founded in Delaware in April 2023 – has just released a lot of bad news for anti-crypto lawmakers running for the 2024 U.S. president.

In addition, the fund has hired a team of strategists to discuss plans to influence U.S. politics. That’s Mindset Advocacy, a lobbying group that has worked for Goldman Sachs, Amazon Web Services and Barclays.

This can be seen as part of the cryptocurrency industry’s broader efforts to influence Congress ahead of the 2024 elections. Notably, the move comes as the U.S. Congress is considering several cryptocurrency-related bills.

Cedar spreads messages mocking “anti-crypto” officials.

In addition to CNBC, Reuters also investigated the Cedar Innovation Foundation and found that the organization spent more than $18 million on lobbying activities in 2023.

Faced with Cedar’s ambitious plans, the community became curious about the team and fund investors behind it. However, all information about these characters remains a mystery. However, the fund has received significant funding from major players in the cryptocurrency industry such as Coinbase, CNBC reported.

Dennis Kelleher, CEO of the nonprofit Better Markets, said he expects the industry to spend a lot of money this year fighting lawmakers critical of cryptocurrencies.

“I think the crypto industry is going to spend hundreds of millions of dollars to defeat people who want to represent voters rather than represent crypto.”

Dennis Kelleher, CEO of nonprofit Better Markets

A Coinbase spokesperson declined to comment for this story. Coinbase CEO Brian Armstrong emphasized in a post last month on social media platform X PAC that “the crypto industry now has the resources to campaign for pro-crypto candidates in 2024.” .

The crypto industry now has a lot of money invested in electing pro-crypto candidates in 2024. We’re proud to contribute and provide better representation for the 52 million Americans who use cryptocurrency.

This will be bipartisan. Hopefully we can reach $100 million in the first quarter of next year. https://t.co/V20G2d3Eoc

— Brian Armstrong 🛡️ (@brian_armstrong) December 18, 2023