- A U.S. crypto advocacy group has formed a political action committee.
- The group aims to support crypto-friendly politicians.
- Other crypto advocacy groups in the country have formed similar committees.
Coinbase’s digital asset advocacy group, Stand With Crypto, has revealed plans to raise money from its nearly half a million members in support of U.S.-based “crypto-friendly” politicians.
Launched in August last year, the Stand with Crypto Alliance is a non-profit organization on a mission to champion clear, “common-sense’ regulation in the U.S. crypto industry. The group has 164,507 policymaker contacts and has donated over $86 million so far, raised from 448,317 crypto advocates.
Rooting for Crypto-Friendly Candidates
On May 10, Reuters reported that the advocacy group has formed a new Political Action Committee (PAC), whose aim is to support pro-crypto politicians in their pursuit of various positions in the House of Representatives and the Senate.
Sponsored
In addition to conducting a fundraiser for the politicians, the group made several direct endorsements, including Jim Justice, a Republican running for Senate in West Virginia, and Jim Banks, a Republican vying for Indiana’s Senate seat.
Other endorsements from the group are Eddy Morales, a Democrat running to represent Oregon’s Third District; Troy Downing, a Republican running to represent Montana’s Second District; and Shomari Figures, a Democrat running to represent Alabama’s Second District.
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November.” The report quoted Nick Carr, chief strategist at Stand With Crypto.
With the plan, the advocacy group joins other influential crypto-focused PACs in the U.S., such as Fairshake, Protect Progress, and Defend American Jobs, which have so far raised over $110 million in this election cycle, Reuters claimed.
Read why Coinbase wants pro-crypto officials to end SEC’s sting:
Coinbase Boss Wants Pro-Crypto Officials to End SEC Sting
Stay updated on why the SEC served Robinhood’s crypto unit with a Wells Notice:
U.S. SEC Serves Robinhood Crypto with Wells Notice
