Stand With Crypto, a non-profit organization created by Coinbase, will launch a Political Action Committee (PAC) to support candidates running for the U.S. Senate and House of Representatives who promote reasonable crypto policies.
The non-profit organization Stand With Crypto is launching a Political Action Committee (PAC), a project aimed at supporting candidates running for the U.S. Senate and House of Representatives in 2024. Reuters reports that the organization will provide funding to support the election campaigns of “crypto-friendly” politicians.
Stand With Crypto is an initiative started by crypto exchange Coinbase in 2023 to support reasonable regulation of the cryptocurrency sphere. As part of the initiative, the exchange released a collection of non-fungible tokens (NFT) to gain community support. The main goal of Stand With Crypto is to promote crypto and facilitate the development of crypto-friendly policies.
The PAC plans to allocate substantial funds to support candidates who advocate for friendly digital asset policies. According to Stand With Crypto, users donated more than $86 million to support crypto initiatives in the U.S., but how much of that money will be directed to the PAC is unknown.
Under Federal Election Commission regulations, Stand With Crypto can accept donations from individuals up to a maximum of $5,000. Members of the organization are now about 450,000 people who can provide donations worth $2.2 billion. Stand With Crypto can accept donations from corporations, the amount of which isn’t limited by U.S. laws.
The U.S. elections will be held in about six months. Read about how American political parties compete in the context of crypto regulation and digital dollar issuance in the op-ed.
