Cryptocurrency Nonprofit Launches PAC to Support Crypto-Friendly Politicians

Cryptocurrency Nonprofit Launches Political Action Committee to Support Crypto-Friendly Politicians

A cryptocurrency nonprofit has made a bold move in the political arena by launching a new political action committee (PAC) aimed at raising funds for candidates who support cryptocurrency and blockchain technology. Stand With Crypto’s PAC, which boasts a membership of 440,000 individuals, is endorsing a bipartisan slate of candidates running for seats in the House of Representatives and the Senate.

This initiative comes as part of a larger effort within the cryptocurrency industry to influence political outcomes and ensure that lawmakers are supportive of the industry’s interests. Other crypto super PACs, such as Fairshake, Defend American Jobs, and Protect Progress, have collectively raised over $110 million during this election cycle.

The involvement of cryptocurrency organizations in political campaigns has come under scrutiny recently, particularly after FTX founder Sam Bankman-Fried was convicted of stealing from customers and using the funds to donate over $100 million to political campaigns. However, PACs like Stand With Crypto are designed to raise funds for candidates or causes without directly coordinating with campaigns, unlike super PACs.

Stand With Crypto’s endorsements include a mix of Republican and Democratic candidates, such as Jim Banks and Jim Justice running for Senate seats in Indiana and West Virginia, respectively. The PAC is also supporting candidates like Shomari Figures, Eddy Morales, and Troy Downing in their bids for congressional seats in various states.

Nick Carr, chief strategist at Stand With Crypto, emphasized the importance of supporting candidates who will protect the rights of cryptocurrency advocates. The cryptocurrency industry believes that its involvement in the election cycle is already making an impact, with Defend American Jobs claiming victory as four endorsed candidates won their primaries in Indiana.

As the cryptocurrency industry continues to grow and evolve, its influence in the political sphere is becoming increasingly apparent. With PACs like Stand With Crypto actively supporting candidates who align with their interests, the future of cryptocurrency regulation and policy could be shaped by the industry’s political contributions.