A non-profit organization affiliated with Coinbase, known as “Stand for Crypto,” has launched a political action committee (PAC) with the goal of influencing crypto regulation during the upcoming 2024 elections.
The announcement of the PAC’s launch was made on May 10 via social media by Stand for Crypto. The PAC will allow its approximately 450,000 members to financially support US Senate and House candidates who are in favor of progressive digital asset policies.
With only six months left until election day, the involvement of PACs like this could have a significant impact, particularly in closely contested races. According to Federal Election Commission regulations, individuals can contribute up to $5,000 to PACs such as Stand for Crypto, potentially raising up to $2.2 billion in support funds.
In comparison, Super PACs can receive unlimited funds from corporations, with Coinbase having already donated millions to support related initiatives.
The PAC is an extension of the Stand for Crypto project, which was started by Coinbase in 2023 and has raised over $86 million in donations for various pro-crypto causes. While the exact allocation of funds to the PAC remains unknown, the group’s chief strategist Nick Carr has stated that their focus is on endorsing candidates who are supportive of crypto rights.
The influence of PACs like these in elections is evident in the intense competition for the Massachusetts Senate seat, currently held by Democrat Elizabeth Warren. The incumbent faces a challenge from Republican John Deaton, who is known for his advocacy for crypto users and has openly opposed Warren’s views on the industry.
As the US gears up for the upcoming elections, with control of Congress and the presidency up for grabs, crypto-focused PACs are becoming significant players in shaping the political landscape. Other groups, such as Fairshake and its affiliates, have also raised substantial funds exceeding $100 million to support candidates who are in favor of digital asset-friendly policies.
A recent survey conducted by the Blockchain Association shows a growing interest among voters in key swing states in supporting politicians who are pro-digital assets. The survey, which involved over 1,200 registered voters, highlights a dissatisfaction with the traditional financial system, with many viewing cryptocurrencies as a path to financial security and prosperity.
Overall, the emergence of crypto-focused PACs suggests that digital assets are becoming a key issue for voters in the upcoming elections.
