Cryptocurrency Nonprofit Launches PAC to Support Crypto-Friendly Politicians
Cryptocurrency Nonprofit Launches Political Action Committee to Support Crypto-Friendly Politicians
In a move to further solidify the presence of cryptocurrency in the political sphere, a nonprofit organization has launched a new political action committee (PAC) aimed at raising funds for candidates who support crypto and blockchain technology. Stand With Crypto’s PAC, boasting a membership of 440,000 individuals, is endorsing a bipartisan group of candidates running for seats in the House of Representatives and the Senate.
The cryptocurrency industry has been actively involved in this year’s elections, with several super PACs, including Fairshake, Defend American Jobs, and Protect Progress, collectively raising over $110 million. This financial backing underscores the industry’s commitment to ensuring that candidates sympathetic to their cause are elected into office.
However, the industry’s involvement in politics has not been without controversy. FTX founder Sam Bankman-Fried’s legal troubles have raised questions about the ethical implications of cryptocurrency donations to political campaigns. Despite these challenges, PACs like Stand With Crypto continue to advocate for candidates who prioritize the interests of cryptocurrency advocates.
Among the candidates endorsed by Stand With Crypto are Jim Banks and Jim Justice, both Republicans running for Senate seats in Indiana and West Virginia, respectively. Additionally, Shomari Figures, Eddy Morales, and Troy Downing, representing various districts across the country, have also received the organization’s support.
Nick Carr, chief strategist at Stand With Crypto, emphasized the importance of endorsing candidates who uphold the rights of cryptocurrency supporters. The industry believes that its involvement in the election process can make a significant impact on shaping policies that benefit the crypto community.
Defend American Jobs, another crypto super PAC, celebrated victories in the recent Indiana primaries, where several endorsed candidates emerged victorious. This success further highlights the growing influence of the cryptocurrency industry in shaping political outcomes.
As the election cycle progresses, the cryptocurrency industry remains committed to supporting candidates who champion their cause. With the backing of organizations like Stand With Crypto, crypto-friendly politicians may soon become a more prominent presence in the halls of power.
