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XOXO and that feeling

At the recent XOXO conference, I spoke about that burning feeling I get right in my upper abdomen when I’m overwhelmed with excitement or inspiration or drive to do something.

I mentioned that I’ve been feeling this a lot over the last few years, even as I too am witnessing what many of us think about as “the web” rotting right in front of our eyes. Working outside of that rot pile, and perhaps motivated by it, there are so many people who are excited about the potential for a better web.

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US prosecutors not mincing words in their reply to Ryan Salame’s filing, which they describe as a “shameless and self-serving attempt to renege on his guilty plea in the aftermath of his sentencing.”

They claim that the only representations made to Salame involved conclusions of investigations into his conduct, and they say that in a later meeting they explicitly told Salame’s lawyers that a guilty plea by Salame would not halt any investigations or prosecutions of his partner, Michelle Bond.

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Convicted FTX executive Ryan Salame has filed a document in his case alleging that the US government has reneged on their (verbal) promise not to pursue campaign finance charges against his partner, Michelle Bond.

Bond was previously under investigation for campaign finance issues pertaining to her 2022 Congressional campaign in New York’s District 1.

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Public Citizen just released a must-read report on the cryptocurrency industry’s spending this election cycle.

Nearly half of all corporate money contributed this cycle has come from cryptocurrency backers!

Key Findings
In 2024, crypto corporations have poured over $119 million directly into influencing federal elections, primarily into a non-partisan super PAC dedicated to electing pro-crypto candidates and defeating crypto skeptics.
Crypto corporations are by far the dominant corporate political spenders in 2024 as nearly half (48%) of all corporate money contributed during this year’s elections ($248 million so far) came from crypto backers.
Koch Industries is a distant second place in 2024. The privately held conglomerate owned by Charles and, formerly, the late David Koch, contributed $25 million to its Koch-controlled Americans for Prosperity Action and $3.25 million toward electing Republicans to Congress.
Direct corporate election spending at this scale is unprecedented. Crypto corporations’ total spending in the past three election cycles – $129 million – already amounts to 15% of all known corporate contributions since the Supreme Court’s 2010 ruling in Citizens United, which total $884 million. 92% of the corporate crypto spending is from 2024.
Since Citizens United, the crypto corporations are now second in total election-related spending, trailing only fossil fuel corporations, which have spent $176 million over the past 14 years, including $73 million from Koch Industries.
The crypto sector’s Fairshake PAC and its affiliates have received nearly $114 million directly from corporate backers, far more than any other outside spender this cycle. Koch-backed Americans for Prosperity Action, a hybrid PAC, is a distant second, having received nearly $26 million, primarily from Koch Industries.
Fairshake’s corporate backing is unprecedented. Though unlimited corporate contributions have been enabled since 2010 by Citizens United, this newcomer is already second only to the super PAC dedicated to electing Republicans to the U.S. Senate in terms of corporate money received. That super PAC, the Senate Leadership Fund, has received nearly $119 million directly from corporations over the past 14 years, largely from fossil fuel corporations but including many other sectors, including crypto, tobacco, and for-profit prisons.
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This was one of the best podcast episodes I’ve listened to in a long time. Put it on if you’re feeling despair about the state of the internet and tech industry.

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