Crypto Collective of 440,000 Members Launches PAC for Election Influence

A nonprofit organization in the cryptocurrency sector has inaugurated a fresh Political Action Committee (PAC) with the objective of fundraising from its 440,000 members to support politicians who advocate for crypto-friendly policies. This PAC, named Stand With Crypto, is endorsing a diverse group of candidates across party lines contesting for seats in the House of Representatives and the Senate. The initiative aligns with broader industry efforts to bolster political figures supportive of crypto and blockchain technology.

In the current election cycle, crypto super PACs Fairshake, Defend American Jobs, and Protect Progress have collectively amassed over $110 million, as reported by Federal Election Commission records. However, this increased participation coincides with heightened scrutiny of the industry, triggered by FTX founder Sam Bankman-Fried's conviction last year for misappropriating funds from customers. Prosecutors claim he diverted these funds to donate over $100 million to U.S. political campaigns.

PACs like Stand With Crypto are typically established to pool funds for candidates or specific political initiatives. They contrast with super PACs, which are allowed to accept donations of unlimited amounts but are prohibited from directly coordinating with campaigns. Stand With Crypto's endorsements encompass a diverse array of candidates, including Jim Banks and Jim Justice, Republicans vying for Senate seats in Indiana and West Virginia respectively, as well as Shomari Figures, a Democrat contesting Alabama's Second District, Eddy Morales, a Democrat competing for Oregon's Third District, and Troy Downing, a Republican seeking election in Montana's Second District.

"The objective is to endorse and back candidates who champion the rights of our Stand With Crypto supporters throughout November," stated Nick Carr, chief strategist at Stand With Crypto, in a conversation with Reuters. The cryptocurrency sector asserts its active involvement in this election cycle. Defend American Jobs, a crypto super PAC, declared success following the victories of four endorsed candidates in Indiana primaries on Tuesday, including Jim Banks and Mark Messmer, Republicans contending for Indiana's Eighth District.

Source: Reuters