United States-based cryptocurrency exchange Coinbase’s project advocating for “common-sense” digital asset regulation has launched a political action committee (PAC).
In a May 10 announcement on X, Coinbase’s Stand With Crypto project launched a PAC for roughly 450,000 members to contribute to candidates running in the 2024 U.S. elections. The initiative, launched by Coinbase in 2023, reported on its website that users had donated more than $86 million toward supporting pro-crypto initiatives in the country — it’s unclear how much, if any, these funds will go toward the PAC.
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” said Stand With Crypto Chief Strategist Nick Carr, according to a Reuters report.
Since its launch, the crypto advocacy group has hosted a forum for U.S. Presidential candidates — before Donald Trump was the presumptive Republican Party nominee — and campaigned for D.C. lawmakers to support crypto-friendly legislation. The project grades lawmakers running in 2024 on an A to F scale, with recommended candidates including Republican Bernie Moreno for Ohio’s Senate race and Democrat Shomari Figures for one of Alabama’s congressional seats.
Election Day in the U.S. is roughly six months away, when voters will determine which political party controls the House of Representatives, the Senate, and the presidency. Crypto-focused PACs, including Fairshake and its affiliates, Defend American Jobs and Protect Progress, have raised more than $100 million to support candidates favoring digital asset policies.
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Among the races with outspoken pro- and anti-crypto candidates includes the fight over the Massachusetts Senate seat currently held by Democrat Elizabeth Warren. Republican John Deaton, an attorney who has advocated for crypto users in several lawsuits, has pushed back against Senator Warren’s anti-crypto views while in office.
“Eleven primary races that include crypto-backed candidates remain,” Rick Claypool, a researcher at Public Citizen, said in a May 6 X post. “Then it’s onto the general election, where narrow majorities mean super PAC spending can tip congressional control.”
According to Federal Election Commission rules, individuals supporting a PAC are limited to donations of no more than $5,000, potentially giving Stand With Crypto up to $2.2 billion at its current membership. In contrast, Super PACs can accept unlimited contributions from corporations. Coinbase has donated millions to Fairshake and its affiliates.
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