Coinbase's Stand With Crypto PAC for US Elections

Stand With Crypto, a Coinbase-backed advocacy group, launches a PAC to support crypto-friendly politicians in the U.S. elections.

May 10, 2024 - 14:16
May 13, 2024 - 16:03
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Coinbase's Stand With Crypto PAC for US Elections

Stand With Crypto, an advocacy group started by Coinbase, has formed a new political action committee (PAC) to raise funds from its 440,000 members in support of crypto-friendly politicians. According to Reuters, the collected funds will assist bipartisan candidates competing for seats in the House of Representatives and the Senate in the upcoming November U.S. elections.

Operating as a 501(c)(4) nonprofit, Stand With Crypto aims to mobilize U.S. cryptocurrency owners to advocate for clear and sensible regulations. Through educational initiatives and public engagement, the organization seeks to shape legislation and foster innovation within the crypto sector.

As reported by Reuters, the PAC is backing candidates such as Jim Banks, a Republican Senate candidate from Indiana, Jim Justice, a Republican Senate candidate from West Virginia; Shomari Figures, a Democrat running for Alabama's Second District; Eddy Morales, a Democrat running for Oregon's Third District; and Troy Downing, a Republican running for Montana's Second District.

"The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November," stated Nick Carr, Chief Strategist of Stand With Crypto, in an interview with the outlet.

The Influence of Crypto in US Elections

Crypto's role in political campaigns has grown significantly, with presidential candidates past and present voicing their views. A recent survey by Digital Currency Group found that more than 20% of swing state voters see cryptocurrency as a pivotal issue in the upcoming U.S. elections.

As per a report by consumer advocacy group Public Citizen, sourced from Opensecrets.org, crypto industry super PACs have amassed over $100 million for the 2024 congressional elections. The report highlights that a major chunk of these funds, more than half, comes from direct corporate contributions, notably from Coinbase and Ripple Labs. Additionally, the report mentions substantial contributions of $11 million each from the founders of Andreessen Horowitz, $5 million from the Winklevoss twins, and $1 million from Coinbase CEO Brian Armstrong.

In contrast to these "super PACs," which can receive unlimited donations but cannot directly coordinate with political campaigns, Stand With Crypto’s PAC adopts a grassroots approach. It caps individual contributions from its large membership base at $5,000 each, promoting a community-driven fundraising strategy.