Stand With Crypto by Coinbase Launches PAC Ahead of U.S. Elections to Support Pro-Crypto Politicians

The post Stand With Crypto by Coinbase Launches PAC Ahead of U.S. Elections to Support Pro-Crypto Politicians appeared first on Coinpedia Fintech News

A Coinbase-initiated advocacy group called Stand With Crypto has launched a new political action committee (PAC) to raise funds from its 440,000 members to support crypto-friendly politicians, especially bipartisan candidates for the U.S. House of Representatives and Senate in the upcoming elections.

Raising Funds for Crypto-Friendly Politicians

The funds raised by the new PAC will be solely dedicated to endorsing candidates who are committed cryptocurrency and blockchain technology supporters, a report from Reuters disclosed. 

While Stand With Crypto PAC is already doing its best to foster a more crypto-friendly regulation in the States, the Federal Election Commission has recorded some other existing crypto super PACs, such as Fairshake, Defend American Jobs, and Protect Progress, have collectively raised over $110 million in this election cycle.

It is not unknown to us how the cryptocurrency industry is currently under increased scrutiny with the U.S. courts dealing every day or the other cases between the SEC and crypto firms. 

However, the increased scrutiny and SEC’s aggressive approach started last year, when the ex-crypto-mogul, Sam Bankman-Fried, founder of FTX, was found guilty last year of stealing customers funds and using them to donate more than $100 million to U.S. political campaigns. 

Stand With Crypto PAC’s vision is to counteract this negative perception by supporting candidates who understand and advocate for cryptocurrency-friendly regulations that shall help blockchain technology grow in the States.

Crypto PACs vs Super PACs

While Crypto PACs, like Stand With Crypto, are initiated to collect funds for political campaigns, they are subject to donation limits. On the other hand, Super PACs can receive donations without any size bar but are restricted from coordinating directly with campaigns. 

The Chief Strategist at Stand With Crypto, Nick Carr, explained this difference to Reuters, stating, “The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November.”

Bipartisan Approach

Stand With Crypto’s PAC is running with a bipartisan approach. 

The PAC has listed several candidates, including Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Shomari Figures, a Democrat running to represent Alabama’s Second District; Eddy Morales, a Democrat running to represent Oregon’s Third District; and Troy Downing, a Republican running to represent Montana’s Second District. All these candidates have shown their incredible dedication and commitment to establishing crypto-friendly policies and regulations.

One unique feature of Stand With Crypto is its adoption of a more grassroots approach. While super PACs are heavily funded by major digital asset businesses, Stand With Crypto’s PAC is growing with smaller individual contributions limited to $5,000. These grassroots-level donations will promote reduced dependency on large corporate donors and a more diverse support base.