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Mysterious crypto 'dark money' group ramps up lobbying efforts ahead of 2024 election

·1 min

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A new nonprofit group funded by the crypto industry has established a mailing address near Washington, D.C. The Cedar Innovation Foundation, incorporated in Delaware, has launched advertising campaigns against a powerful lawmaker seeking reelection and hired a team of strategists for lobbying purposes. The group aims to influence Congress and upcoming elections, amid the crypto industry’s efforts to navigate recent scandals. Coinbase is expected to contribute to the foundation’s funding. The crypto industry is projected to spend significant amounts in 2024 to counter lawmakers critical of crypto.