Stand With Crypto PAC Aims to Elect Crypto-Friendly Candidates From Both Parties
Stand With Crypto, a burgeoning group of cryptocurrency enthusiasts, recently announced the formation of its own political action committee (PAC), signaling its expansion into campaign finance.
Chief Strategist Nick Carr revealed that the PAC will support congressional candidates who share the organization’s vision for digital asset policies, initiating with endorsements for five candidates vying for seats in both the U.S. House of Representatives and the Senate.
Growth and Advocacy Efforts
Launched in August 2023, Stand With Crypto has rapidly grown, now boasting a membership of over 443,000 individuals. The organization, which is distinct from the PAC, has successfully raised more than $86 million dedicated to advocacy efforts including supporter events, town halls, and even a presidential candidate forum. These funds have been amassed independently of the contributions to the newly formed PAC, which relies on individual donations capped at $5,000 from its members.
The PAC’s financial activities will kick off as it accumulates funds, aiming to make direct donations to candidates in the crucial months leading up to the November general elections. Stand With Crypto’s PAC represents a strategic shift in the landscape of cryptocurrency-focused political funding.
Unlike other prominent crypto PACs, which are predominantly fueled by major contributions from digital assets businesses and offer unlimited, indirect support to candidates, this new PAC will directly fund candidates. This direct donation approach not only underscores the PAC’s grassroots nature but also adheres to the regulatory constraints faced by such organizations.
Candidate Endorsements
The PAC has already begun endorsing candidates who demonstrate a robust understanding and commitment to fostering blockchain and cryptocurrency innovations in America. Among those endorsed is Eddy Morales, a city councilman in Oregon and a Democrat heading into a congressional primary.
Morales has emphasized on his campaign website the potential of emerging technologies like artificial intelligence and blockchain to empower individuals economically. Another notable endorsement includes Troy Downing, a Republican in Montana and the state’s securities regulator, who is campaigning for a House seat.
Further endorsements include candidates previously supported by other crypto PACs: Democrat Shomari Figures from Alabama, Representative Jim Banks, a Republican from Indiana who recently secured his party’s nomination for the Senate, and West Virginia Governor Jim Justice, who is pursuing the Senate seat vacated by Democrat Joe Manchin.
Political Impact and Future Preparations
Election Day in the U.S., now just six months away, will determine the control of the House, the Senate, and the presidency. The involvement of crypto-focused PACs like Stand With Crypto’s could play a significant role, particularly as digital asset policies become increasingly central to political discourse. To date, crypto-focused PACs, including Fairshake and its affiliates Defend American Jobs and Protect Progress, have collectively raised over $100 million to support pro-crypto candidates.
While some of Stand With Crypto’s funding has come from high-profile sources, including Coinbase CEO Brian Armstrong, the organization maintains its grassroots ethos. It distinguishes itself from other crypto campaign finance efforts that have been dominated by large sums from a few major players in the digital assets sector.
As the political stakes heighten, Stand With Crypto’s PAC continues to prepare for future endorsements, drawing from a pool of incumbents and new candidates alike, who are graded on their support for cryptocurrency-friendly legislation. This initiative not only reflects the growing influence of cryptocurrency in U.S. politics but also the strategic mobilization of its supporters to shape the legislative environment favorable to digital asset growth and innovation.
High-Profile Engagement in Cryptocurrency
Similarly, it’s clear that the interest in cryptocurrency and digital assets is becoming more present in the political sphere. On Wednesday, May 8, former United States President Donald Trump hosted a gathering of nonfungible token (NFT) enthusiasts at his residence in Florida, where he made several notable remarks.
Trump expressed a commitment to retaining cryptocurrency entrepreneurs within the United States and claimed a role in revitalizing the popularity of NFTs, citing his substantial collection as a significant influence. This engagement from high-profile figures like Trump highlights the broader cultural and economic impact of digital assets, paralleling the efforts seen in political circles to advance and integrate these technologies into mainstream discourse.
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