Cryptocurrency Nonprofit Launches PAC to Support Crypto-Friendly Politicians

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

A cryptocurrency nonprofit has taken a bold step in the political arena by launching a new political action committee (PAC) aimed at raising funds for candidates who support crypto 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.

The move comes as part of a larger effort by the cryptocurrency industry to influence the political landscape in favor of digital assets. Other crypto super PACs, such as Fairshake, Defend American Jobs, and Protect Progress, have collectively raised over $110 million this election cycle, according to Federal Election Commission records.

The involvement of the cryptocurrency industry in political campaigns has raised some eyebrows, particularly in light of recent controversies. FTX founder Sam Bankman-Fried was convicted last year of stealing from customers, with prosecutors alleging that he used the funds to donate over $100 million to U.S. political campaigns.

Stand With Crypto’s PAC is focused on endorsing candidates who will champion the rights of cryptocurrency advocates. Some of the candidates receiving endorsements include Jim Banks and Jim Justice, Republicans running for Senate in Indiana and West Virginia, respectively, as well as Shomari Figures and Eddy Morales, Democrats running for House seats in Alabama and Oregon.

“The goal is to endorse candidates who will protect the rights of our advocates of Stand With Crypto throughout November,” said Nick Carr, chief strategist at Stand With Crypto.

The cryptocurrency industry is already seeing some success in this election cycle, with Defend American Jobs claiming victory as four endorsed candidates won in Indiana primaries, including Banks and Mark Messmer.

As the industry continues to grow and evolve, its influence in politics is becoming increasingly apparent. With the support of PACs like Stand With Crypto, crypto-friendly candidates may soon become a more common sight in government.