Cryptocurrency supporters boost Greg Tanaka's bid for Congress – Palo Alto Online

Cryptocurrency supporters boost Greg Tanaka's bid for Congress – Palo Alto Online

Blockchain Crypto Market Technology
June 7, 2022 by Coinvasity
22
News by Gennady Sheyner / Palo Alto Weekly Uploaded: Mon, Jun 6, 2022, 9:30 am 17 Time to read: about 3 minutes Palo Alto City Council member Greg Tanaka, an avid advocate for digital currency, has received a $265,000 boost from a political action committee devoted to cryptocurrency in his bid to unseat Rep. Anna
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by / Palo Alto Weekly
Uploaded: Mon, Jun 6, 2022, 9:30 am 17
Time to read: about 3 minutes
Palo Alto City Council member Greg Tanaka, an avid advocate for digital currency, has received a $265,000 boost from a political action committee devoted to cryptocurrency in his bid to unseat Rep. Anna Eshoo in Congress.
Palo Alto City Council member Greg Tanaka is seeking to replace U.S. Rep Anna Eshoo in Congress this year. Embarcadero Media file photo by Magali Gauthier.
DAO for America, a political action committee established to support candidates who advocate for cryptocurrency, made six contributions to Tanaka in May totaling $265,250. The organization’s website states that it is mobilizes voters “in support of candidates who understand the role digital assets can play in leveling the playing field and creating a more equitable society.”
These contributions from DAO for America are classified as independent expenditures and, as such, are not subject to the same limits as direct contributions to Tanaka’s campaign. According to filings with the Federal Election Commission, the committee used the funding for digital advertising, phone and text communication and direct mailings in support of Tanaka.
Tanaka is one of seven candidates looking to unseat Eshoo, who was first elected in 1992 and who enjoys a commanding lead in cash raised over the field, with about $1.48 million in direct contributions from individuals and political action committees, including those affiliated with tech giants Applied Materials, Varian Medical Systems and Lockheed Martin.
The top two vote-getters in the Tuesday primary will advance to the November ballot, regardless of political affiliation. The heavily Democratic district stretches along the coast from Pacifica to northern San Jose and encompasses large sections of San Mateo and Santa Clara counties, including Palo Alto, Mountain View, Woodside, Portola Valley and portions of Menlo Park and Atherton.
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In addition to Eshoo and Tanaka, the field includes Democrats Ajwang Rading and Rishi Kumar, Republicans Peter Ohtaki, Benjamin Solomon and Richard Fox, and John Fredrich, an independent.
While Tanaka remains well behind Eshoo when it comes to campaign contributions, the independent expenditures from DAO for America represent more than twice the amount that his campaign has raised in direct contributions. According to federal filings, he has received $119,000 in contributions for his bid to replace Eshoo.
As such, the independent expenditures give him a financial edge over the other two Democrats who are vying to replace Eshoo in District 16. Kumar, who faced Eshoo in the general election two years ago, reported $294,440 in contributions for the current bid. Rading, an attorney who had served on staff of U.S. Sen. Cory Booker, raised $233,339. Both have received nearly all their funding from individual contributions. Rading has reported a total of $500 from committees while Kumar has not received contributions from any committees.
The three Democratic challengers have emphasized different issues during their campaigns. Kumar, a high-tech executive who serves on the Saratoga City Council, is a proponent of term limits in Congress who is not accepting any contributions from political action committees. Rading, who grew up homeless, emphasizes the need to build more affordable housing and switching to all renewable electricity by 2035.
Tanaka, meanwhile, has stood out for his fierce support for cryptocurrency. A tech entrepreneur, he was elected to the Palo Alto council in 2016 and has been a consistent advocate for business interests. He has opposed the city’s moves in recent years to cap office development and he is the only council member who is opposing Palo Alto’s current attempt to institute a business tax.
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Earlier this year, Tanaka made a pitch for Palo Alto getting into the cryptocurrency business by establishing its own digital currency. People would be able to get credit for civic activities such as attending council meetings or volunteering. Tanaka said the new currency would protect the city against inflation.
“There’s a whole economy that can develop around these city-specific tokens,” Tanaka said at the council’s February retreat.
Although no one on the council endorsed this idea, Tanaka has continued to espouse his support for cryptocurrency. At an April discussion with Cityroots DAO, a platform for cryptocurrency discussions, Tanaka criticized current legislators and policymakers for their failure to understand the emerging technology.
Cryptocurrency, he argued, “represents financial freedom.”
“It represents sound money,” Tanaka said. “It is a way to allow the general public to truly have wealth.”
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by / Palo Alto Weekly
Uploaded: Mon, Jun 6, 2022, 9:30 am

Palo Alto City Council member Greg Tanaka, an avid advocate for digital currency, has received a $265,000 boost from a political action committee devoted to cryptocurrency in his bid to unseat Rep. Anna Eshoo in Congress.

DAO for America, a political action committee established to support candidates who advocate for cryptocurrency, made six contributions to Tanaka in May totaling $265,250. The organization’s website states that it is mobilizes voters “in support of candidates who understand the role digital assets can play in leveling the playing field and creating a more equitable society.”

These contributions from DAO for America are classified as independent expenditures and, as such, are not subject to the same limits as direct contributions to Tanaka’s campaign. According to filings with the Federal Election Commission, the committee used the funding for digital advertising, phone and text communication and direct mailings in support of Tanaka.

Tanaka is one of seven candidates looking to unseat Eshoo, who was first elected in 1992 and who enjoys a commanding lead in cash raised over the field, with about $1.48 million in direct contributions from individuals and political action committees, including those affiliated with tech giants Applied Materials, Varian Medical Systems and Lockheed Martin.

The top two vote-getters in the Tuesday primary will advance to the November ballot, regardless of political affiliation. The heavily Democratic district stretches along the coast from Pacifica to northern San Jose and encompasses large sections of San Mateo and Santa Clara counties, including Palo Alto, Mountain View, Woodside, Portola Valley and portions of Menlo Park and Atherton.

In addition to Eshoo and Tanaka, the field includes Democrats Ajwang Rading and Rishi Kumar, Republicans Peter Ohtaki, Benjamin Solomon and Richard Fox, and John Fredrich, an independent.

While Tanaka remains well behind Eshoo when it comes to campaign contributions, the independent expenditures from DAO for America represent more than twice the amount that his campaign has raised in direct contributions. According to federal filings, he has received $119,000 in contributions for his bid to replace Eshoo.

As such, the independent expenditures give him a financial edge over the other two Democrats who are vying to replace Eshoo in District 16. Kumar, who faced Eshoo in the general election two years ago, reported $294,440 in contributions for the current bid. Rading, an attorney who had served on staff of U.S. Sen. Cory Booker, raised $233,339. Both have received nearly all their funding from individual contributions. Rading has reported a total of $500 from committees while Kumar has not received contributions from any committees.

The three Democratic challengers have emphasized different issues during their campaigns. Kumar, a high-tech executive who serves on the Saratoga City Council, is a proponent of term limits in Congress who is not accepting any contributions from political action committees. Rading, who grew up homeless, emphasizes the need to build more affordable housing and switching to all renewable electricity by 2035.

Tanaka, meanwhile, has stood out for his fierce support for cryptocurrency. A tech entrepreneur, he was elected to the Palo Alto council in 2016 and has been a consistent advocate for business interests. He has opposed the city’s moves in recent years to cap office development and he is the only council member who is opposing Palo Alto’s current attempt to institute a business tax.

Earlier this year, Tanaka made a pitch for Palo Alto getting into the cryptocurrency business by establishing its own digital currency. People would be able to get credit for civic activities such as attending council meetings or volunteering. Tanaka said the new currency would protect the city against inflation.

“There’s a whole economy that can develop around these city-specific tokens,” Tanaka said at the council’s February retreat.

Although no one on the council endorsed this idea, Tanaka has continued to espouse his support for cryptocurrency. At an April discussion with Cityroots DAO, a platform for cryptocurrency discussions, Tanaka criticized current legislators and policymakers for their failure to understand the emerging technology.

Cryptocurrency, he argued, “represents financial freedom.”

“It represents sound money,” Tanaka said. “It is a way to allow the general public to truly have wealth.”

Read more primary election news, including information on local races and measures, in our voter guide.

Palo Alto City Council member Greg Tanaka, an avid advocate for digital currency, has received a $265,000 boost from a political action committee devoted to cryptocurrency in his bid to unseat Rep. Anna Eshoo in Congress.
DAO for America, a political action committee established to support candidates who advocate for cryptocurrency, made six contributions to Tanaka in May totaling $265,250. The organization’s website states that it is mobilizes voters “in support of candidates who understand the role digital assets can play in leveling the playing field and creating a more equitable society.”
These contributions from DAO for America are classified as independent expenditures and, as such, are not subject to the same limits as direct contributions to Tanaka’s campaign. According to filings with the Federal Election Commission, the committee used the funding for digital advertising, phone and text communication and direct mailings in support of Tanaka.
Tanaka is one of seven candidates looking to unseat Eshoo, who was first elected in 1992 and who enjoys a commanding lead in cash raised over the field, with about $1.48 million in direct contributions from individuals and political action committees, including those affiliated with tech giants Applied Materials, Varian Medical Systems and Lockheed Martin.
The top two vote-getters in the Tuesday primary will advance to the November ballot, regardless of political affiliation. The heavily Democratic district stretches along the coast from Pacifica to northern San Jose and encompasses large sections of San Mateo and Santa Clara counties, including Palo Alto, Mountain View, Woodside, Portola Valley and portions of Menlo Park and Atherton.
In addition to Eshoo and Tanaka, the field includes Democrats Ajwang Rading and Rishi Kumar, Republicans Peter Ohtaki, Benjamin Solomon and Richard Fox, and John Fredrich, an independent.
While Tanaka remains well behind Eshoo when it comes to campaign contributions, the independent expenditures from DAO for America represent more than twice the amount that his campaign has raised in direct contributions. According to federal filings, he has received $119,000 in contributions for his bid to replace Eshoo.
As such, the independent expenditures give him a financial edge over the other two Democrats who are vying to replace Eshoo in District 16. Kumar, who faced Eshoo in the general election two years ago, reported $294,440 in contributions for the current bid. Rading, an attorney who had served on staff of U.S. Sen. Cory Booker, raised $233,339. Both have received nearly all their funding from individual contributions. Rading has reported a total of $500 from committees while Kumar has not received contributions from any committees.
The three Democratic challengers have emphasized different issues during their campaigns. Kumar, a high-tech executive who serves on the Saratoga City Council, is a proponent of term limits in Congress who is not accepting any contributions from political action committees. Rading, who grew up homeless, emphasizes the need to build more affordable housing and switching to all renewable electricity by 2035.
Tanaka, meanwhile, has stood out for his fierce support for cryptocurrency. A tech entrepreneur, he was elected to the Palo Alto council in 2016 and has been a consistent advocate for business interests. He has opposed the city’s moves in recent years to cap office development and he is the only council member who is opposing Palo Alto’s current attempt to institute a business tax.
Earlier this year, Tanaka made a pitch for Palo Alto getting into the cryptocurrency business by establishing its own digital currency. People would be able to get credit for civic activities such as attending council meetings or volunteering. Tanaka said the new currency would protect the city against inflation.
“There’s a whole economy that can develop around these city-specific tokens,” Tanaka said at the council’s February retreat.
Although no one on the council endorsed this idea, Tanaka has continued to espouse his support for cryptocurrency. At an April discussion with Cityroots DAO, a platform for cryptocurrency discussions, Tanaka criticized current legislators and policymakers for their failure to understand the emerging technology.
Cryptocurrency, he argued, “represents financial freedom.”
“It represents sound money,” Tanaka said. “It is a way to allow the general public to truly have wealth.”
Read more primary election news, including information on local races and measures, in our voter guide.
Wasn’t Tanaka fined a few years ago for violating the law in accepting campaign contributions while running for city council?
And for citing people as endorsers who’d merely sent him an email and for planting his signs everywhere without permission.
Cryptocurrency is at best a speculative asset and many think, including myself, a scam. Whose interests is Tanaka representing here?

Pretty bold statement: “It represents sound money,” Tanaka said. “It is a way to allow the general public to truly have wealth.”

Is Tanaka really a Democrat? He sounds like a Libertarian to me.
More reasons to not vote for him. He is a muddled thinker who thinks out loud. In council meetings his comments are often tangential at best. He does not appear to have leadership skills nor be able to rally others effectively to his cause. No doubt he means well and seems kind but in my opinion he is far from the best option for this office. He has not been an effective council member so seeking higher office makes little sense to me.
Another politician being bribed. Don’t vote for politicians who take special interest money. We’re all being screwed – our democracy is being stolen from us.
Since I have watched many council meetings for a decade or more, I can honestly say that during Greg Tanaka’s council meetings to date we haven’t had what to me appears to be a more inarticulate and ineffective person elected to that office.

How Tanaka presents himself to the voters in his very effective media campaigns bears little resemblance to his conduct during council meetings. Because Tanaka knows that few people will actually follow up and watch his performance, or lack thereof, during council meetings.

When Tanaka does occasionally speak, for the most part this tends to be a rambling tangent that completely misses the big picture. When confronted with facts that don’t fit his arguments he tends to follow up by ignoring the new information as if stuck on his original thoughts like an endless loop.

Although since going on the campaign trail this time Tanaka has stepped up his participation somewhat, even when he has little to add.

Crypto is a scam and if the point is for them to be an alternative to gov’t money then why does DAO need to lobby government hopefuls? Crypto is so volatile right now, all the talk about being “stable” or protecting against inflation is just silly.

As for Tanaka’s participation during council meetings, I feel that I have heard him berating city staff for no good reason if they didn’t immediately have an answer to one of his tangential questions – it made me wonder if he was trying to create soundbites for his campaign but I haven’t seen him use any video from meetings yet so maybe he just really is upset that city staff can’t read his mind?
I tried to get any information about DAO for America and only found a company called, mSHIFT which now has an office in Palo Alto.
Web Link

Not much info on either the CEO or COO. a bit sketch…
Independent Expenditure mailer in his support that I received was from Web Link
Here is DAO for America’s first filing: 

 Web Link Note that it has a local treasurer and address.  

Here’s how much it’s raised and from whom:  Web Link .  Crypto supporters is a bit of a stretch.  It has two funders, a $20k local backer, and a hard to trace corporate entity known as Shrike Holding for over $200K. 

Here is the link to its required expenditure filings:  Web Link
@HM Thanks. First link above, however, appears to invalid
@Fred

Hope this works: Web Link

And, all filings: Web Link

Come on Greg, we all know the dirty little secret that the main purpose of crypto is that is is for money laundering, drug dealing, the dark web, and…….you.
@HM: I mean, the only people I know who DAO for America has supported are Greg Tanaka and Sydney Kamlager, both of whom have come out in support of crytocurrency and a DAO is a “decentralized autonomous organization” where you buy in with crypto – the more crypto you put in, the more of a sway your vote is.
A better title for this article would be “Anonymous Cryptocurrency Group Bankrolls Tanaka’s Campaign”.

Unbelievable.

This is why the local League of Women Voter’s campaign to limit individual donations for City Council elections is fatally flawed. We would lose control of our city to groups like Tanaka’s Shrike Holdings.
Based on these comments I’m guessing Tanaka’s vote count will be very, very small tomorrow, as it should be.
We are so lucky to have Gennady Sheyner writing about local politics. What a treasure he is –
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