Regulation
Stand With Crypto by Coinbase Launches PAC Ahead of US Elections to Support Pro-Crypto Politicians
Crypto enthusiasts, listen up! Stand With Crypto, backed by Coinbase and boasting 440,000 members, is moving into high gear with a new Political Action Committee (PAC).
Their objective? Rally with politicians who have their backs on cryptocurrencies in the upcoming US elections.
Raising Money for Crypto-Friendly Politicians
This PAC means business when it comes to supporting candidates who are all pro-crypto and blockchain. Every penny raised will go towards supporting those who strongly support all things crypto, according to a Reuters report.
While Stand With Crypto PAC is already doing its best to push for more crypto-friendly regulation in the United States, the Federal Election Commission has registered other existing crypto super PACs, such as Fairshake, Defend American Jobs, and Protect Progress, have collectively raised more than $110 million this election cycle.
Navigating the regulations
It is not unknown that the cryptocurrency industry is currently under increased scrutiny from US courts dealing with daily or other matters between the SEC and cryptocurrency companies.
However, the SEC’s increased scrutiny and aggressive approach began last year, when former crypto mogul, Sam Bankman-Friedfounder of FTX, was convicted last year of stealing client funds and using them to donate more than $100 million to US political campaigns.
Stand With Crypto PAC’s vision is to counteract this negative perception by supporting candidates who understand and advocate for cryptocurrency-friendly regulations that will help blockchain technology grow in the United States.
Crypto PAC vs. Super PAC
Although Crypto PACs, like Stand With Crypto, are launched to raise money for political campaigns, they are subject to donation limits. On the other hand, Super PACs can receive donations without any size limits, but cannot coordinate directly with campaigns.
Stand With Crypto chief strategist Nick Carr explained this difference to Reutersstating: “The goal is to support candidates and support candidates who protect the rights of our Stand With Crypto advocates throughout the month of November.”
Build bridges, not walls
The Stand With Crypto PAC operates on a bipartisan approach.
The PAC listed several candidates, including Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Shomari Figures, a Democrat running to represent Alabama’s 2nd District; Eddy Morales, a Democrat running to represent Oregon’s Third District; and Troy Downing, a Republican running to represent Montana’s 2nd District. All of these candidates have shown their incredible dedication and commitment to establishing crypto-friendly policies and regulations.
A unique feature of Stand With Crypto is the adoption of a more popular approach. While super PACs are largely funded by large digital asset companies, Stand With Crypto’s PAC is growing with smaller individual contributions limited to $5,000. These donations at the local level will promote reduced reliance on large corporate donors and a more diverse base of support.
Also discover: Trump U-turns on cryptocurrency; Pledge to support digital donations