Nonprofit Group Stand With Crypto Forms PAC to Support Pro-Crypto Candidates
Stand With Crypto, a nonprofit group advocating for cryptocurrency and blockchain, has recently formed a political action committee (PAC) to support candidates who align with their goals. With a membership of 440,000, the new PAC aims to raise funds to endorse and support candidates who protect the rights of Stand With Crypto advocates.
According to Reuters, other crypto-focused super PACs have raised a total of $110 million for the upcoming election season, making them one of the top three fundraisers in the 2024 election cycle. Public Citizen, a nonprofit consumer advocacy organization, reported that out of the six 2024 primaries where crypto super PACs intervened, only one crypto-backed candidate has lost.
The crypto community’s involvement in politics has been on the rise, with cryptocurrency firms spending record amounts on lobbying efforts in Washington. Digital asset companies spent $18.9 million on lobbying in the first three quarters of 2023, up from $16.1 million in 2021.
Stand With Crypto and other crypto advocates are actively engaging with policymakers to advocate for legislative clarity and a regulatory framework that aligns with their goals. In September, Stand With Crypto hosted an event in Washington with 50 crypto founders to push for legislative clarity in line with their objectives.
The influence of crypto super PACs in the political landscape is growing, with plans to spend in general election Senate races in battleground states like Ohio and Montana. The crypto community’s involvement in politics reflects their commitment to shaping policies that support their industry and vision.
