Coinbase has initiated the creation of a new political action committee (PAC), “Stand With Crypto.” This PAC is set to support political candidates who favor crypto financially.
This initiative is part of a broader effort by the industry to influence US politics, emphasizing blockchain and crypto-friendly policies.
Stand With Crypto PAC Has Raised $86 Million
The PAC plans to utilize contributions from its 460,461 members to support a bipartisan group of candidates in both the House of Representatives and the Senate. This campaign represents a significant shift in how the crypto industry seeks to influence legislation and regulatory frameworks.
“Today, we reveal the next step in our movement – a Political Action Committee to directly engage with candidates who support the crypto community. The Stand With Crypto coalition is nearing 500,000 members and is not slowing down. We will be ready for November,” Stand With Crypto said.
As per data from the official website, crypto advocates have donated over $86 million.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
According to records from the Federal Election Commission, this new PAC is part of a larger group of crypto super PACs. This includes Fairshake, Defend American Jobs, and Protect Progress, which have collectively raised over $110 million this election cycle.
In February, crypto billionaires Cameron and Tyler Winklevoss donated $4.9 million to Fairshake, underscoring the high stakes involved.
Fairshake has also garnered support from other industry leaders such as Marc Andreessen, Ben Horowitz and companies like Ripple Labs. In January, the PAC’s funds increased by an additional $6.3 million.
“Stand With Crypto” operates differently from super PACs, which can accept unlimited donations but cannot coordinate directly with campaigns. This PAC focuses on raising funds and endorsing candidates who support the crypto community.
Its endorsements include candidates such as Jim Banks, a Republican running for Senate in Indiana, and Shomari Figures, a Democrat aiming for Alabama’s Second District seat.
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” Nick Carr, chief strategist at Stand With Crypto, said.
Furthermore, the rise of crypto as a key electoral issue is supported by data from the Digital Currency Group. This data reveals that one in five state voters considers crypto a pivotal issue for the 2024 elections.
Read more: Digital Currency Group Downfall: What Went Wrong With the VC Giant
Moreover, the House Committee on Rules recently announced its consideration of the Financial Innovation and Technology for the 21st Century (FIT21) Act. This proposed legislation is crucial as it aims to clarify regulatory jurisdictions over cryptocurrencies, delineating responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC).
These measures are vital for protecting consumers, ensuring market stability, and maintaining US leadership in digital finance.
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