MoonPay Contributes $1 Million to Stand With Crypto Advocacy Group for Crypto-Friendly Politicians
Crypto payments infrastructure firm MoonPay has made a significant contribution of $1 million to Stand With Crypto, an advocacy group with a political action committee (PAC) established by cryptocurrency exchange Coinbase. This move comes as the crypto industry seeks to influence U.S. political outcomes amid heightened regulatory scrutiny.
Stand With Crypto is a non-profit organization that supports bipartisan, crypto-friendly politicians in Congress with the primary goal of encouraging clearer regulation for the cryptocurrency industry in the United States. MoonPay CEO Ivan Soto-Wright expressed the importance of supporting elected officials who will work towards creating a purpose-built regulatory framework for the industry.
Coinbase launched Stand With Crypto in August 2023, with the group unveiling its PAC on May 10, 2024. The PAC plans to fund candidates from both major parties in the upcoming House and Senate elections, drawing on its 440,000 members. Other crypto-focused super PACs have raised over $110 million this election cycle, indicating a broader effort within the industry to influence political outcomes.
The PAC supports a diverse range of candidates, including Republicans like Jim Banks and Jim Justice, as well as Democrats like Shomari Figures and Eddy Morales. Former President Donald Trump has also expressed willingness to accept cryptocurrency for campaign donations, reflecting the growing influence of crypto in the political landscape.
Overall, the contribution from MoonPay to Stand With Crypto highlights the industry’s commitment to shaping regulatory policies and supporting candidates who will champion the interests of the crypto community in the upcoming elections.
