Crypto payment infrastructure company MoonPay donated $1 million to Stand With Crypto, an advocacy group with a political action committee launched by cryptocurrency exchange Coinbase. A MoonPay official confirmed the amount to The Block.
Stand With Crypto is a non-profit organization that supports bipartisan, cryptocurrency-friendly politicians in Congress. It aims to promote clearer cryptocurrency regulation in the United States.
“Two things are abundantly clear today: This year’s election will define the future of our industry in America, and it is up to us to step up and stand together with organizations that truly want to positively advance this innovation for everyone. It is your responsibility.” wrote MoonPay CEO Ivan Sot0-Wright in a statement seen by The Block. “In solidarity with Support Cryptocurrency“We are supporting our elected officials who will work to create a clear, purpose-built regulatory framework for our industry.”
Coinbase launched Stand With Crypto in August 2023. The group unveiled its PAC on May 10, 2024, The Block previously reported.
Cryptocurrency and the 2024 Election
Cryptocurrencies may already be playing a role in determining the next president, even though there are only a few months left until the November election.
American entrepreneur Mark Cuban noted in an op-ed posted on Moreover, Cuban speculated that if incumbent President Joe Biden loses re-election, it would be in part due to cryptocurrency regulations implemented by Securities and Exchange Commission Chairman Gary Gensler. To help Biden get re-elected, Congress could pass cryptocurrency-related regulations or move cryptocurrency regulation to the Commodity Futures Trading Commission, he continued.
Former US President and current Republican presidential candidate Donald Trump has announced that he will accept cryptocurrency as a campaign donation. Also, in early May, meme coins centered around Biden and Trump rallied.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.