Binance forms a PAC – POLITICO

With Daniel Lipman

NOTE ON PROGRAMMING: We will be off for Thanksgiving this Thursday and Friday, but will return to our regular schedule on Monday November 28th.

BINANCE FORM A PAC: The US arm of the world’s largest crypto exchange has launched a political action committee coming out of an election cycle awash with contributions from crypto players – some of whom are now under fire as the industry faces new apprehensions from regulators in Washington.

– The Binance.US Innovation PAC is the latest vehicle through which the digital currency industry will seek to make inroads into the DC Rival crypto exchange Coinbaseformed a PAC earlier this year and revealed he was one of the backers of a new dark money group rating politicians on their industry preference and seeking to engage potential voters of cryptography. In September, the industrial trades group Blockchain Associationlaunched its own PAC in view of the 2024 elections.

– And of course, much ink has been spilled about the tens of millions of dollars given to lawmakers, congressional candidates and party committees on both sides of the aisle by the leaders of FTXdonations turned toxic following the collapse of this crypto exchange earlier this month.

— The launch of Binance‘s PAC comes as the exchange played a role in FTX’s demise – first selling its holdings of the native FTX token following a report questioning FTX’s financial stability, then pulling its offer to bail out the exchange from its financial spiral after viewing financial data from FTX.

— Binance has sought to increase its influence in Washington through other means. The retained exchange Hogan Lovells and Ice Miller Strategies last fall after the crypto industry was blindsided by a tax provision included in the bipartisan infrastructure bill at the last minute. Since then, Binance.US has spent $880,000 lobbying to shape new regulations for the industry.

— In September, Binance tapped former Senate finance chairman and ambassador to China Max Baucus to chair its global council of advisers, a group that also includes a Democratic political strategist David Plouffe.

Hello and welcome to PI. Send lobbying and influencing tips: [email protected]. And don’t forget to follow me on Twitter: @caitlinoprysko.

BUSINESS GROUPS INCREASE CALLS TO AVOID RAIL STRIKE: Washington’s trade associations are once again pleading for Congress to intervene in negotiations between railroad workers and employers that are raising renewed fears of a possible strike that could come at the height of the holiday season.

– The largest freight rail union of a dozen that must approve a draft contract with carriers announced on Monday that its members had voted to reject the tentative agreement by a Dec. 4 deadline to avoid a work stoppage. The White House stepped in to broker the proposal in September, averting a potential strike with hours to spare.

Suzanne Clarkthe CEO of the United States Chamber of Commercetoday asked Congress to impose the agreement negotiated by the President Joe Biden, railways and union leaders or risk “substantially” worsening inflation. Unions that reject the deal, she said, are “going back on their word and threatening to be the curmudgeon who stole Christmas by forcing a national rail strike.”

– The Consumer Brands Associationwarned in a letter to congressional leaders and key lawmakers on two labor and transportation committees on Monday that a strike could be “catastrophic,” cutting off “consumer access to basic necessities” while costing up to to $2 billion a day.

– The group called on Congress to intervene as soon as possible to “avoid supply chain disaster, protect American consumers, and lay the foundation for much-needed business continuity.” This call was echoed by the leaders of the National Retail Federation and the Association of Retail Industry Leaders.

– The american chemistry boardwhich warned that its members’ products impacting everything from water treatment to energy and food production would face restrictions as early as a week before a strike, began releasing an internal analysis showing that a shutdown would lead to a spike in consumer prices and a one percentage point drop in GDP.

ICYMI MONDAY—HOW SAUDIS ARE STRUGGLING OIL ADDICTION: Saudi Arabia has developed an “aggressive long-term strategy to keep the world hooked on oil for decades and remain the biggest supplier as its rivals recede”, according to Hiroko Tabuchi of The New York Timesan effort most recently manifested in a successful Saudi push at last week’s United Nations climate summit “to block a call for the world to burn less oil.”

— In addition to the government oil company Saudi Arabia Pouring money into research and higher education in the U.S. and abroad, the kingdom has also invested heavily in U.S. lobbying efforts, including “building alliances in the U.S. states of the corn belt that produce ethanol – a product also threatened by electric cars”.

— The Iowa-based lobbying firm LS2 group “has reached states such as the Dakotas, Texas, Iowa and Ohio” on behalf of Saudi Arabia. “For a retainer of more than $125,000 per month, LS2group targeted local radio hosts, academics, event planners, sports industry executives, a former soccer player, and a club owner. skiing and snowboarding, according to documents filed with the Department of Justice.”

— “Much of this campaign focused on general topics, such as the history of close relations with the United States. However, states like Iowa, the country’s top ethanol producer, could be fertile ground for Saudis’ views on electric vehicles, said Jeff M. Angeloa former Iowa state senator who now hosts a talk show and was approached by Saudi officials.

— “”Ethanol producers here in Iowa say the same thing: “Isn’t it terrible that the Biden administration is forcing you to buy an electric car when we could be producing biofuels right here in the Iowa, make money and support our farmers and be energy independent?” he said.

ETHICS WATCHDOG CALLS FOR STOCK TRADING SURVEY: “A nonpartisan group that monitors government ethics has filed a series of legal complaints alleging the federal government is not properly applying conflict of interest rules,” The Wall Street Journalit is Brody Mullins and Rebecca Ballhaus report.

– “The Campaign Law Center asked the executive agency that oversees ethics rules to investigate what it called shortcomings in multiple agencies’ enforcement. The group also requested that internal investigators from four federal agencies review whether their ethics programs complied with federal rules.

– “The legal filings were prompted by a series of articles in the Wall Street Journal revealing that thousands of federal employees from 50 federal agencies owned stock in companies regulated by the agencies where those employees worked.”

— “The agencies ‘have repeatedly allowed senior government officials to own and trade stock in companies that appear to create conflicts of interest with their official duties,’ the complaint states. “An investigation may determine whether the “Scope and severity of the gaps in ethics program guidance on financial conflicts of interest are greater than those currently known to the public.”

– CLC has filed complaints “with inspectors general of the Environmental Protection Agency, the Department of Defense, the Federal Trade Commission, and the Department of Health and Human Services, in addition to the Office of government ethics.

Stacey Dion was promoted to partner at carlyle. She previously served as Managing Director and Head of Global Government Affairs.

None.

BAM TRADING SERVICES, INC. POLITICAL ACTION COMMITTEE (BINANCE.US INNOVATION PAC) (PAC)
HealthEquity Purple Political Action Committee (PAC)
The Kennedy Project (Hybrid CAP)
Lose Cruz PAC (Super PAC)
Coalition for Patriotic Freedom (Super PAC)
Thales USA, Inc. Political Action Committee (Thales USA PAC) (PAC)

American Defense International, Inc.: Agy Holding Corporation
American Defense International, Inc.: Consortium Management Group
American Defense International, Inc.: Corvent Medical
American Defense International, Inc.: Impulse Space
American Defense International, Inc.: Targeted Hospitality
Biscayne Strategies, LLC: Blue Missions Group
Capitol Core Group, Inc.: City of Perris, CA
Capitol Tax Partners, LLP: Ge Renewables North America, LLC
Dla Piper LLP (USA): Biohaven Pharmaceuticals, Inc.
Fs Vector LLC: Electronic Transactions Association
Fs Vector LLC: Payments Management Council
Groundswell Strategy LLC: Biomerieux, Inc.
JM Burkman & Associates: Adam Spindler
Lot Sixteen LLC: Appliance Manufacturers Association
Lot Sixteen LLC: National Wood Pallet and Container Association
Nexxus Consulting, LLC: Serrato Corporation

Patterson Earnhart Real Bird & Wilson LLP: Mandan Hidatsa and Akira Nation (three affiliated tribes)
Piper-Smith: Ky Simmons College
Robertson, Monagle, & Eastaugh Pc (formerly known to Hoffman, Silver, Gilman and: Vt Halter Marine Inc

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