Stand With Crypto PAC launches as industry interest in campaign funding increases

As the crypto industry continues to grow and gain prominence in the United States, a new Political Action Committee (PAC) has emerged on the scene. Stand With Crypto, a nonprofit organization initiated by Coinbase, announced the launch of its new PAC that aims to support candidates who advocate for the crypto community. Only individual members of Stand With Crypto are allowed to contribute up to $5,000 each to the PAC. The organization was founded last summer with the purpose of providing crypto enthusiasts with more access to information about policymakers and candidates.

Kara Calvert, Coinbase’s head of US policy, emphasized the grassroots and organic nature of Stand With Crypto, stating that it empowers people by providing tools to learn about members of Congress, access scorecards, and engage with their representatives. While federal law imposes restrictions on contributions to PACs, companies and individuals are free to make donations to the nonprofit directly. Moonpay, a crypto payments operation, recently pledged $1 million to Stand With Crypto, citing the upcoming elections as a significant factor in their decision.

The emergence of Stand With Crypto’s PAC comes at a time when other crypto-focused Super PACs, including Defend American Jobs, Fairshake, and Protect Progress, are actively involved in supporting candidates. These groups have collectively spent over $31 million this year, with a significant financial push during the March Congressional primary cycle. Notably, they contributed more than $10 million towards advertisements opposing Rep. Katie Porter, who lost her bid for the late Sen. Dianne Feinstein’s seat. The PACs are also backing candidates like Shomari Figures and have made substantial donations to their campaigns.

Although Stand With Crypto has not yet filed official forms with the Federal Election Commission, they have announced their first five endorsements. These include candidates from both Republican and Democrat parties who are running for various positions across different states. By supporting candidates who align with the interests of the crypto community, Stand With Crypto aims to have a positive impact on policy-making and legislation relating to the industry. As the influence of cryptocurrencies continues to grow, it is essential for organizations like Stand With Crypto to advocate for the interests of the community and ensure that their voices are heard in the political arena.