Benzinga - A cryptocurrency nonprofit has launched a political action committee (PAC) with the intent to support crypto-friendly politicians in the 2024 House and Senate elections.
What Happened: “Stand With Crypto,” a cryptocurrency nonprofit, has launched a PAC to raise funds from its 440,000 members to support a bipartisan group of candidates, Reuters reported on Wednesday. This move is part of a broader effort by the crypto industry to elect politicians who support crypto and blockchain.
This involvement comes at a time when the industry is under scrutiny, especially after FTX founder Sam Bankman-Fried was found guilty of stealing from customers.
Unlike super PACs, Stand With Crypto’s PAC is established to collect funds for candidates or political causes and cannot receive donations of unlimited size or coordinate directly with campaigns.
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“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” said Nick Carr, chief strategist at Stand With Crypto.
Why It Matters: Other crypto super PACs such as Fairshake, Defend American Jobs, and Protect Progress have already raised over $110 million this election cycle, according to Federal Election Commission records. The involvement of crypto in politics is not new. Earlier this year, the Fairshake PAC received a significant financial boost from the Winklevoss twins, founders of the Gemini crypto exchange, as part of their larger fundraising efforts.
Former U.S. President Donald Trump has also publicly endorsed cryptocurrency, declaring it a significant election issue, contrasting with President Joe Biden‘s perceived unfamiliarity with the crypto world. This endorsement has led to a surge in the MAGA Coin, a cryptocurrency themed around Trump.
Read Next: Here’s How Much $1,000 Invested In Dogecoin Would be Worth If You Invested When Elon Musk First Tweeted About DOGE
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