Cryptocurrency Advocacy Group Emerges Ahead of U.S. Election

Unexpectedly, “The Cedar Innovation Foundation,” a relatively unknown lobbying group focused on cryptocurrency, has emerged with ambitions to support digital assets ahead of the next U.S. presidential election, according to CNBC.

The Cedar Innovation Foundation was formed in Delaware in April, but not much is known about it. Even though it doesn’t provide any personal information on its website or social media accounts, sources close to CNBC indicate that by the end of 2024, the nation’s most popular bitcoin exchange, Coinbase, is anticipated to donate money to the organization.

Coinbase’s Potential Backing and Lobbying Firms

The Cedar Innovation Foundation has reportedly enlisted the services of Mindset, a bipartisan public policy firm with a notable portfolio, having previously worked with industry giants like Goldman Sachs, Amazon Web Services, and Verizon. In addition, the nonprofit has engaged Bullpen Strategy Group (BSG), led by veteran Republican operative Joe Pounder, as a public affairs advocacy firm.

Sources claim that Senators Sherrod Brown, Elizabeth Warren, and Roger Marshall are among the senators that Cedar has its eyes set on as opponents of cryptocurrency. With strategic alliances in place, the organization seeks to negotiate the intricate web of regulatory dynamics in the United States.

Josh Vlasto, spokesperson for Cedar, emphasizes the nonprofit’s commitment to non-partisan advocacy, expressing hope that crypto-skeptic legislators “don’t bow to the Wall Street banks and their special interests.” Vlasto elaborates on Cedar’s mission, stating, “The Cedar Innovation Foundation is committed to helping policymakers and the public understand the stakes at play, while giving regulators the tools they need during a time of transformative change.”

The cryptocurrency world is eager to see how the mysterious lobbying organization The Cedar Innovation Foundation will shape the conversation on digital assets during the next U.S. presidential election, as it comes out of the shadows. With the possible support of Coinbase and clever alliances with reputable lobbying groups, Cedar puts itself in a position to influence the regulatory environment surrounding cryptocurrencies.