A new political action committee named Stand With Crypto has been launched to rally financial support for crypto-friendly politicians.
With a membership base of over 440,000, the organization unveiled its bipartisan endorsements for candidates running in the House of Representatives and Senate, signifying a united effort to advocate for the cryptocurrency and blockchain industry.
According to Federal Election Commission data, the political action committee (PAC) joins the broader effort of crypto super PACs such as Fairshake, Defend American Jobs, and Protect Progress, collectively raising over $110 million in this election cycle.
The PACs aim to bolster candidates who support crypto amid heightened scrutiny after FTX founder Sam Bankman-Fried was found guilty of defrauding customers and channeling over $100 million to U.S. political campaigns.
— Stand With Crypto🛡️ (@standwithcrypto) April 19, 2024🛡️ 400K ADVOCATES STRONG 🛡️
Today, Stand With Crypto passed 400K sign ups.
In 2024, the crypto constituency has swung elections, made history, and we are still early. This movement is for all of us and you can get involved today.
Become an advocate, contact your… pic.twitter.com/kbj9UCd0qt
Nick Carr, chief strategist at Stand With Crypto, emphasized that the goal is to “endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November.”
Endorsements include Jim Banks, a Republican seeking a Senate seat in Indiana; Jim Justice, a Republican aiming for Senate in West Virginia; Shomari Figures, a Democrat vying for Alabama’s Second District; Eddy Morales, a Democrat contending for Oregon’s Third District; and Troy Downing, a Republican seeking to represent Montana’s Second District.
With increasing political involvement, the crypto industry seeks to shape its regulatory environment by ensuring supportive candidates gain political traction.