Stand With Crypto Launches Political Action Committee to Support Crypto-Friendly Politicians in American Policy

Cryptocurrency may have just received a significant boost in American politics with the launch of a new political action committee (PAC) by crypto nonprofit Stand with Crypto. The PAC, boasting 440,000 members, aims to raise funds for crypto-friendly politicians running for positions in the House of Representatives and the Senate. This move comes as part of a larger effort by the cryptocurrency industry to support candidates who are open to cryptocurrency and blockchain initiatives.

Other crypto super PACs, including Fairshake, Defend American Jobs, and Protect Progress, have raised over $110 million this election cycle, according to records from the Federal Election Commission. This increased involvement in the political sphere coincides with heightened scrutiny on the industry following the conviction of FTX founder Sam Bankman-Fried for stealing from customers and allegedly using stolen funds to donate over $100 million to U.S. political campaigns.

Nick Carr, chief strategist at Stand with Crypto, stated that the goal of the PAC is to endorse and support candidates who protect the rights of crypto advocates throughout the upcoming elections. The PAC will be endorsing a bipartisan group of candidates, including Jim Banks, Jim Justice, Shomari Figures, Eddy Morales, and Troy Downing.

The involvement of PACs like Stand with Crypto in the political landscape highlights the growing influence of the cryptocurrency industry in shaping policy and supporting candidates who align with their interests. With the potential to gather up to $2.2 billion in donations from its members, Stand with Crypto’s PAC represents a significant step towards advancing crypto-friendly legislation and candidates in American politics.