Regulation
Coinbase launches PAC to support crypto-friendly US politicians
Coinbase has initiated the creation of a new political action committee (PAC), “Stand With Crypto”. This PAC is intended to support political candidates who financially favor crypto.
The initiative is part of a broader industry effort to influence U.S. politics, with a focus on blockchain and crypto-friendly policies.
Stand With Crypto PAC raised $86 million
The PAC plans to use contributions from its 460,461 members to support a bipartisan group of candidates for the House of Representatives and the Senate. This campaign represents a significant shift in the way the crypto industry seeks to influence legislation and regulatory frameworks.
“Today, we are revealing the next step in our movement: a political action committee to engage directly with candidates who support the crypto community. The Stand With Crypto coalition is approaching 500,000 members and isn’t slowing down. We will be ready for November”, Stand With Crypto said.
According to data from the official website, crypto advocates have donated more than $86 million.
Learn more: Crypto regulation: what are the advantages and disadvantages?
Cryptocurrency donation Received. Source: Stick with crypto
According to Federal Election Commission records, this new PAC is part of a larger group of crypto super PACs. This includes Fairshake, Defend American Jobs and Protect Progress, which collectively raised more than $110 million this election cycle.
In February, Crypto billionaires Cameron and Tyler Winklevoss donated $4.9 million to Fairshakehighlighting the high stakes involved.
Fairshake has also gained support from other industry leaders such as Marc Andreessen, Ben Horowitz and companies like Ripple Labs. In January, PAC funds increased by another $6.3 million.
“Stand With Crypto” works differently from super PACs, which can accept unlimited donations but cannot coordinate directly with campaigns. This PAC focuses on raising funds and supporting candidates who support the crypto community.
His endorsements include candidates such as Jim Banks, a Republican running for the Indiana Senate, and Shomari Figures, a Democrat seeking Alabama’s 2nd District seat.
“The goal is to endorse and support candidates who protect the rights of our Stand With Crypto advocates throughout the month of November,” Nick Carr, chief strategist at Stand With Crypto, said.
Additionally, the rise of crypto as a key election issue is supported by data from the Digital Currency Group. This data reveals that one in five state voters considers crypto, a crucial question for the 2024 elections.
Learn more: Fall of the digital currency group: what went wrong with the venture capital giant
Additionally, the House Committee on Rules recently announced its review of the Financial Innovation and Technology for the 21st Century (FIT21) Act. This bill is crucial because it aims to clarify regulatory jurisdictions over cryptocurrenciesdemarcating responsibilities between Commodity Futures Trading Commission (CFTC)) and the Securities Exchange Commission (SEC).
These measures are essential to protect consumers, ensure market stability, and maintain U.S. leadership in digital finance.
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