Stand With Crypto — an advocacy group started by Coinbase last year — has formed a new political action committee (PAC) to raise money from its 440,000 members in support of crypto-friendly politicians.
Funds raised will be used to support bipartisan candidates running for the House of Representatives and the Senate in November’s U.S. elections, Reuters reported on Friday.
Established last year, Stand With Crypto operates as a 501(c)(4) nonprofit aimed at mobilizing U.S. cryptocurrency owners to push for clear, sensible regulations, leveraging educational initiatives and public engagement to influence legislation and support innovation within the crypto industry.
The PAC's supported candidates include Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Shomari Figures, a Democrat running to represent Alabama's Second District; Eddy Morales, a Democrat running to represent Oregon's Third District; and Troy Downing, a Republican running to represent Montana's Second District, Reuters said.
"The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November," Stand With Crypto Chief Strategist Nick Carr told the outlet.
Crypto has increasingly become a part of the campaign trail as current and previous presidential candidates have voiced their stances. More than 20% of swing state voters view cryptocurrency as a key issue in the upcoming U.S. elections, according to an online survey by Digital Currency Group released on Tuesday.
Crypto industry super PACs have raised more than $100 million for the 2024 congressional elections, according to a Monday report from consumer advocacy group Public Citizen, which gathered data from Opensecrets.org. Over half the money comes from direct corporate expenditures, primarily Coinbase and Ripple Labs, the report said, with $11 million from each of the Andreessen Horowitz founders, $5 million from the Winklevoss twins and $1 million from Coinbase CEO Brian Armstrong.
Stand With Crypto’s PAC is designed to be more of a grassroots movement, with smaller donations limited to $5,000 each from its large pool of members. This approach contrasts with these so-called “super PACs,” which can receive unlimited contributions from donors but cannot directly coordinate with political campaigns.
The Block reached out to Stand with Crypto for comment.
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