Stand With Crypto Launches Federal PAC to Support Crypto-Friendly Politicians
Stand With Crypto, an advocacy group formed by Coinbase, is taking its mission to support crypto-friendly politicians to the next level with the launch of a new affiliated federal political action committee (PAC). The PAC aims to raise funds from its 440,000 members to support candidates running for the House of Representatives and the Senate in the upcoming U.S. elections.
According to a statement shared with The Block, Stand With Crypto’s PAC will support bipartisan candidates who are aligned with the group’s goal of pushing for clear and sensible regulations in the crypto industry. The PAC’s supported candidates include individuals from both the Republican and Democratic parties, reflecting the diverse and bipartisan nature of crypto voters.
Nick Carr, Chief Strategist of Stand With Crypto, expressed excitement about the launch of the PAC, stating that it will allow the group’s members to have a louder voice in both decision-making in Washington, D.C., and in the upcoming elections. With crypto voters increasingly viewing cryptocurrency as a key issue, the PAC aims to mobilize support for candidates who understand and support the industry.
The role of cryptocurrency in U.S. elections has been growing, with more than 20% of swing state voters considering it a key issue. Super PACs in the crypto industry have already raised over $100 million for the 2024 congressional elections, with significant contributions from companies like Coinbase and Ripple Labs, as well as prominent individuals in the industry.
Stand With Crypto’s PAC stands out for its grassroots approach, limiting donations to $5,000 each from its large pool of members. This contrasts with traditional super PACs, which can receive unlimited contributions but cannot directly coordinate with political campaigns.
As the crypto industry continues to play a significant role in U.S. politics, the launch of Stand With Crypto’s PAC signals a new chapter in the advocacy efforts of crypto supporters. With a growing number of crypto voters looking for candidates who understand and support the industry, the PAC aims to make a meaningful impact in the upcoming elections.
