Last year, Stand With Crypto, an advocacy group launched by Coinbase, formed a new affiliated federal political action committee (PAC) to raise money from its 440,000 members to support cryptocurrency-friendly politicians.
According to a statement shared with The Block, the funds raised will be used to support bipartisan candidates running for the House and Senate in the November U.S. elections.
Stand With Crypto is a 501(c)(4) that aims to mobilize U.S. cryptocurrency holders to push for clear and reasonable regulation and leverage education initiatives and public engagement to influence legislation and support innovation within the cryptocurrency industry. It operates as a non-profit organization.
Candidates supported by the PAC include Jim Banks, a Republican running for Indiana Senate; Jim Justice, a Republican running for West Virginia Senate; Shomari Figures, a Democrat running to represent Alabama’s 2nd District; Eddy Morales, a Democrat running to represent Oregon’s 3rd District; and Troy Downing, a Republican running to represent Montana’s 2nd District.
“Launching this federal PAC will take Stand With Crypto’s advocacy work on behalf of cryptocurrency voters to the next level,” said Nick Carr, Chief Strategist at Stand With Crypto. “SWC already has a strong following of 440,000 supporters across the country and is growing every day. This PAC will allow our members to have a much louder voice in DC-based decision-making and the November election. Crypto voters are diverse, bipartisan, and looking for candidates on both sides of the aisle to support in November.”
Cryptocurrency’s Increasing Role in US Elections
Cryptocurrencies have increasingly become a part of the campaign trail as current and former presidential candidates make their case. More than 20% of voters in swing states see cryptocurrency as a key issue in the upcoming U.S. election, according to an online survey by Digital Current Group released Tuesday.
Crypto industry super PACs have raised more than $100 million for the 2024 congressional elections, according to a Monday report from Public Citizen, a consumer advocacy group that compiled data from Opensecrets.org. More than half of the funds come from direct corporate spending, primarily Coinbase and Ripple Labs, according to the report. Founders Andreessen Horowitz received $11 million each, the Winklevoss twins received $5 million, and Coinbase CEO Brian Armstrong received $1 million.
Stand With Crypto’s PAC is designed to be more of a grassroots movement, with small donations limited to $5,000 each from its large pool of members. This approach contrasts with so-called “super PACs,” which can accept unlimited donations from donors but cannot participate directly in political campaigns.
Updated with comments from Stand With Crypto.
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