Nick Carr, chief strategist at Stand With Crypto, said their goal is to support politicians who support the rights of the cryptocurrency community.
A cryptocurrency non-profit organization with a large membership of 440,000 members has established a political action committee (PAC) called ‘Stand With Crypto’. This PAC is not only a fundraising organization, but also solicits a broad membership to financially support politicians who are open to embracing the transformative potential of cryptocurrency and blockchain technology.
The formation of Stand With Crypto PAC marks an important step in the cryptocurrency industry’s journey toward political engagement. The move is consistent with efforts by other cryptocurrency-focused super PACs such as Fairshake, Defend American Jobs, and Protect Progress, according to Federal Election Commission records. Together, they have raised more than $110 million in the current election cycle.
Bipartisan support for Crypto PAC in 2024
This strategic change comes at a time when the cryptocurrency industry is under intense scrutiny. This is especially true after FTX founder Sam Bankman-Fried was found guilty of improper use of customer funds the previous year. He reportedly directed more than $100 million to U.S. political campaigns, raising concerns about the industry’s political contributions.
Stand With Crypto’s political action committee operates differently than a super PAC. Super PACs can accept unlimited donations and cannot participate directly in political campaigns. In contrast, Stand With Crypto’s PAC focuses on mobilizing members to support candidates who advocate for the rights of cryptocurrency users and the broader cryptocurrency community.
The PAC has endorsed several candidates from both parties, including Republicans such as Jim Banks of Indiana, Jim Justice of West Virginia and Troy Downing of Montana’s 2nd District. On the Democratic side, the PAC supports Shomari Figures in Alabama’s 2nd District and Eddy Morales in Oregon’s 3rd District. This endorsement demonstrates the PAC’s goal to support a political environment in which the cryptocurrency sector can grow and thrive.
Nick Carr, Chief Strategist at Stand With Crypto, emphasized the PAC’s mission:
“The goal is to endorse and support candidates who protect the rights of Stand With Crypto supporters throughout November.”
Crypto PAC Shape Election Results
The PAC’s influence is already evident with another cryptocurrency super PAC known as “Protect American Jobs” celebrating the success of the four candidates it endorsed in the Indiana primary. These candidates include Jim Banks and Mark Messmer, both Republicans running in the state’s 8th District.
As the political environment evolves, the cryptocurrency world is poised to shape the future of digital finance. Stand With Crypto PAC, backed by 440,000 members, is leading the effort to ensure crypto advocates’ voices are heard in government. The industry’s active role in this election cycle demonstrates its strength and commitment in addressing the mix of technology, finance and politics.
next