In brief
- Powerful crypto companies including Coinbase, DCG, Kraken and Paradigm are teaming up with top lobbyists to introduce a new nonprofit focused on educating policymakers about decentralized technologies.
- As a 501(c)(3), the American Innovation Project (AIP) will enjoy key benefits including tax exempt status and limited liability for operators and participants.
- By law, however, the group must not “attempt to influence legislation as a substantial part of its activities.”
Some of the crypto industry’s most politically connected companies and lobbying groups are creating yet another D.C. organization to further their interests in the nation’s capitol—but this one’s tax exempt.
DCG, Coinbase, Kraken, Paradigm, Andreessen Horowitz, the Solana Policy Institute, Uniswap Labs, and the Cedar Innovation Foundation, a pro-crypto dark money political spending group, on Tuesday announced the creation of the American Innovation Project—nonprofit designed to “foster informed dialogue” about decentralized technology in both political parties.
The American Innovation Project (AIP) plans to be in direct contact with lawmakers and their staffers about policy matters related to crypto and other decentralized technologies, including decentralized AI networks, Julie Stitzel, senior vice president of policy at DCG, the lead donor behind AIP, told Decrypt.
“We see them as a new voice to translate complex developments and decentralized technologies broadly into clear, actionable insights, especially for policymakers and staff,” Stitzel said of the organization.
Stitzel added that AIP’s efforts will complement “all of the efforts already underway” in Washington to shape lawmakers’ views on crypto, but emphasized that the organization will be “just purely focused on education,” and decidedly nonpartisan.
The organization’s nonprofit 501(c)(3) registration is the same as for churches, museums, and schools, allowing it to avoid most taxes and shield its operators from personal liability.
For this reason, though, 501(c)(3)s are generally understood to be non-political charitable organizations, and “must not be organized or operated for the benefit of private interests” or “attempt to influence legislation as a substantial part of its activities”, according to the IRS.
Stitzel will serve on AIP’s board of directors alongside other crypto lobbying heavyweights including Kristin Smith, president of the Solana Policy Institute; Allie Page, COO of the Blockchain Association; and Nick Carr, a policy strategist at Coinbase.
Most of the organization’s key players are currently assembled at the Four Seasons in Jackson Hole, Wyoming, for an invite-only crypto policy summit co-hosted by Anthony Scaramucci’s SALT and Kraken. Event attendees include Eric Trump, Senate Banking Committee chair Tim Scott (R-SC), Sen. Cynthia Lummis (R-WY), SEC chair Paul Atkins, and the second-highest ranking member of the Federal Reserve, Michelle Bowman.
On Thursday, the AIP plans to hold its inaugural educational event: an off-the-record gathering held in Jackson Hole alongside the policy summit. A spokesperson from AIP declined to tell Decrypt who is set to attend the summit, or what specific topics they plan to discuss.
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