The United States-based cryptocurrency exchange Coinbase has launched a political action committee (PAC) advocating for sensible crypto asset regulation. Coinbase’s Stand With Crypto project initiated a PAC on May 10th to contribute to candidates competing in the 2024 U.S. elections, representing about 450,000 members.
Coinbase’s Initiative Gains Significant Attention
Coinbase announced in 2023 that users on its website have contributed over $86 million to support pro-crypto initiatives in the country. It is unclear how much of these funds will be transferred to the PAC. According to a Reuters report, Stand With Crypto’s Chief Strategist Nick Carr shared the following:
“The goal is to support candidates who will protect the rights of our Stand With Crypto advocates throughout November.”
Since its establishment, the group of crypto advocates hosted a forum for U.S. presidential candidates before Donald Trump was the Republican Party’s nominee and campaigned for crypto-friendly legislation among DC lawmakers.
The project rates lawmakers competing in 2024 from A to F; proposed candidates include Republican Bernie Moreno for the Ohio Senate race and Democrat Shomari Figures for one of Alabama’s congressional seats.
U.S. Elections and the Crypto Space
With about six months left until election day, U.S. voters will decide which political party will control the House of Representatives, the Senate, and the presidency. Crypto-focused PACs, including Fairshake and its affiliates, have collected over $100 million in donations to support candidates favoring crypto asset policies.
Races featuring outspoken pro- and anti-crypto candidates include the ongoing battle for the Massachusetts Senate seat currently held by Democrat Elizabeth Warren. Republican lawyer John Deaton, who has defended crypto users in various cases, opposed Senator Warren’s anti-crypto views while in office. Public Citizen‘s researcher Rick Claypool stated in a May 6th post:
“There are eleven primary races involving crypto-backed candidates left. Then there are the general elections where narrow majorities mean super PAC spending could influence congressional control.”
