politics

With legislation for Central Bank for Digital Currencies on horizon, $1 million to Balint looms large

Big donor is senior exec for cryptocurrency fund supporting government regulation

By Guy Page

Becca Balint’s election with the million-dollar financial support of a shadowy cryptocurrency firm is just one skirmish in a big, silent war over who will control the world’s burgeoning ‘digital economy’ – traders, or government. 

Heads up – by September 5, a U.S. Dept. of Treasury report on digital or “crypto” currency is due to land on President Biden’s desk, if it hasn’t already. In a March 9 executive order, Biden gave Treasury 180 days to recommend (among a broad range of topics) whether the United States should create a United States Central Bank of Digital Currencies (CBDC).

A CBDC would, among other duties, bring cryptocurrency firmly under government regulation. Biden’s executive order tips his hand – he thinks regulation would protect both customers and investors and mitigate national security risks.

At present, digital or “crypto” currency is largely unregulated. Early adopters included Libertarians and anarchists who wanted a whole kind of currency untouched and untouchable by the hands of government. 

The free-market philosophy behind ‘bitcoin’ is much easier to explain than how it works. People with the tools and know-how may issue their own digital currency, the value of which is (somehow) established by an incredibly esoteric and energy-intensive ‘mining’ process employing blockchain software. At present the electricity consumed to operate and cool specialized ‘mining’ hardware is equivalent to the electricity consumption of the nation of Switzerland. 

The People’s Republic of China has banned the use of cryptocurrency. President Biden apparently would prefer to regulate it. 

Biden’s executive order demands that by October 5, Treasury develop a legislative proposal based on its September 5 recommendations. 

That’s where Congress, million-dollar donor Nishad Singh of FTX, the endorsement of Balint by the Protecting Our Future PAC, and Balint come into the picture.

Nishad Singh. On July 7, Singh donated $1.1 million to the LGBTQ Victory Fund. Singh is an engineering exec for FTX, an established cryptocurrency firm that enthusiastically supports government regulation of digital currency. In its policy blog, FTX praises three current digital currency regulation legislative initiatives: “FTX is enthused about these developments because they indicate the broadening interest from the Congress in providing protections for investors in digital assets as well as regulatory clarity to the industry as whole.”

Large, well-established firms in growing, under-regulated industries often seek regulation as a means of setting favorable ground rules and discouraging potential competitors. 

The next largest donor gave $10,000. The PAC then spent $991,000 on the Balint campaign. Simple arithmetic shows that the LGBTQ Victory Fund was just a pass-through from Singh to Balint’s benefit. In the final month before the August 9 primary, a plethora of mailers and advertising helped a surging Balint pummel Lt. Gov. Molly Gray. 

Protecting Our Futures PAC. This PAC – ostensibly to provide oversight of lab work to prevent a future pandemic – is funded by Sam Bankman-Fried, an FTX founder and MIT classmate of Singh. Not only did Bankman-Fried’s PAC endorse Balint, Bankman-Fried and his brother Gabe donated $2900 to the Balint campaign, the maximum amount, VT Digger reports. 

Becca Balint. In addition to seeking the POF PAC endorsement and accepting the two brothers’ money, the campaign also published on its own website almost verbatim the PAC’s language on pandemic protection – the ostensible purpose of the PAC.

POF PAC website: “We must establish independent oversight of dual-use research including enforcement mechanisms to ensure safety and security.

Balint website: “Establish independent oversight of labs conducting dual-use research of concern.”

This is simply Balint parroting for profit, Republican nominee Liam Madden points out in a recent op-ed. “This policy is something that was inconvenient to support before. It was politically expensive, so Balint hadn’t the courage to breathe a peep about it—until it paid,” he said. 

President Biden has teed up digital “crypto” currency regulation for the next Congress. If Vermonters want to know how Rep. Becca Balint (should she be elected) will vote, the first place to look should be the regulation-friendly policy initiatives of her biggest financial supporter, FTX. 

And finally – it is to be hoped that some reporter will ask Treasury Secretaery Janet Yellen about the CBDC when she speaks at Vermont Tech on October 1.

Categories: politics

10 replies »

  1. Nothing to see here….move along…ordain her and get on with it.

    Hoping to find a special interest like that to help me over the hump.

    Nothing like getting a cool million or two from a narrow band special interest to assure that democracy is assured to I do know what. Can’t wait for the dance on this one and ensuing investigation- not that it will make an iota of difference in the end game. Oh , you mean there won’t be one?

    Back to the ordination. Going to be some interesting news clips coming at us from DC for sure.

    • I do believe coronation plans are set, this grifter is following in Welch’s footsteps exactly as predicted.
      She is to be elected because of gender, not merit or ability.
      Her greatest characteristic seems to be her hubris.
      Just what Vermont needs, another lib in Washington making herself rich.

  2. Thanks for this informative work!

    So $900,000 to produce slick ads stoking fears of violence (school shootings), of Vermont turning into an antiabortion nightmare (cue photo of Thomas and Gorsuch), etc. Played incessantly for weeks on social media and TV. And how many glossy brochures and postcards to our mailboxes? 8 to 10, I think (think of the ink, paper and environmental pollution and waste). And commentators keep on drooling about how this campaign “made history”. Well, it sure did. It made history as a giant political campaign money laundering scheme. As a huge “Save Democracy” fraud. As a purchase of Vermont. Becca loves to say,”It’s finally our time.” Well, it sure ain’t Vermonters’ time. But time for a handful of crypto-tech goons from elsewhere? Definitely. “Their time.”

  3. Keep using cash, everyone. Use it whenever possible. CBDCs have been the agenda for a long time; the goal is to put your money under central bank/government control (i.e. total surveillance of all your economic activities) and if you don’t “behave” they can just switch it off. Cash is critical. Push back on any policy that will make currency exclusively digital.

  4. “Nishad was Director of Engineering at Alameda Research, and Software Engineer at Facebook. Nishad Singh joined FTX in 2019. Nishad Singh is currently Director of Engineering at FTX In 2017, Nishad Singh completed a Bachelor of Science in Electrical Engineering and Computer Science at University of California, Berkeley. Also studied at University of California, Berkeley : Michael Kobori – Starbucks
    Rishi Chandra – Google, Lisa Taback – Netflix” If it is not the alumni of the Harvard or Yale, “skull and bones,” it is the evil dogs of Berkley. They have their sights on taking over everything in ways that many cannot fathom. Their false prophet demon spirit, Yuval Harai. Check out what that man has to say and you will comprehend the biblical nature of this war.

  5. Does it really surprise anyone that Balint would take money from such immoral gains? Remember with these people, the end always justifies the means.

    Bitcoin’s value is derived almost exclusively from illicit activity – drug deals, sex trafficking, vote fraud.. etc This is what happens when you have an untraceable, distributed medium of exchange. How else can you transfer $1B in a few minutes with no government oversight? That’s an awful lot of suitcases of $100 bills.

    Increasingly too, as profits have dwindled, the miners themselves use illicit methods to fund their mining activities, via theft of equipment, processing and electricity. The whole crypto enterprise has devolved into pure criminal fraud at every level.

    Balint is as phony as her sources of funding. And if she claims she doesn’t understand the dark world of Bitcoin, then shame on her – and another reason why she is unqualified to serve Vermont in any significant capacity.

  6. Well the mug shots tell the story: Janet Yellon the counterfeiter, a third party money launderer, and “Bought Becca”….why we are just missing Bernie Sanders to make it all warm and fuzzy!
    Don’t worry Pfizer’s own Phil Scott will give “Bought Becca” the bipartisan support!
    Kabuki Theater in Vermont!
    Got Kabuki

    • First let me say that this is a excellent well researched piece of investigation by Guy Page. Thank you for bringing this to everyone’s attention. Everyone of these comments are on the money. Even as someone who votes for the conservative candidate I watch what is going on in the democratic primary. I actually felt bad for Molly Gray. The money dump to her opponent was incredible and had Becca been a conservative the left would be screaming bloody murder.
      What her opponent in the general election needs to do is make sure they understand that Becca Balint is supporting changing Vermonts law to legalize abortion right up to delivery! 9 months and a baby can be aborted and murdered because it can live outside of there mother. Too hideous to even think about when the baby could be given up for adoption. Her false argument that the current law on aborting is in danger was to incite those that believe in it to preserve their rights by voting for her.
      A small state like ours doesn’t require as much money to buy an election and this is a great example of it.

  7. And the money was funded through a PAC that stops a majority of people to question because what it supposedly stands for. Even independent Senator Bernie Sanders said something on the lines of, “well there was a huge amount of money that was funded through the campaign it must stop.” ” That it’s different when it’s a PAC like this “supporting lesbians gays etc” then a PAC that was funding former President Donald Trump. ” So if one was to question the source of the money you’re somehow can be attacked as a jackass because the money is being supported by an organization that’s trying to promote a certain group of individuals that have been suppressed for years. Dirty crap results in dirty results for Vermont.

Leave a Reply