Coinbase non-profit launches PAC to endorse pro-crypto politicians

Coinbase’s non-profit organization called “Stand for Crypto” has launched a political action committee (PAC) aimed at shaping crypto regulation through the 2024 electoral process.

Stand With Crypto announced the launch on social media on May 10 and said the PAC will enable its approximately 450,000 members to financially support US Senate and House candidates who favor progressive digital asset policies.

With election day six months away, the involvement of these PACs, particularly in tight races, could be pivotal. Under Federal Election Commission regulations, individuals can contribute a maximum of $5,000 to PACs like Stand With Crypto, potentially amassing up to $2.2 billion in support funds.

In contrast, Super PACs can receive unlimited funds from corporations, a category from which Coinbase has already donated millions to support related initiatives.

Crypto PACs

The PAC represents an evolution of the Coinbase-initiated Stand With Crypto project, which began in 2023 and has since gathered over $86 million in donations for various pro-crypto initiatives.

Although it remains unspecified how much of these funds will be allocated directly to the PAC, the group’s chief strategist, Nick Carr, emphasized the organization’s commitment to endorsing candidates who advocate for crypto rights.

The advocacy effort has already made its presence felt on the political scene. Prior to the confirmation of Donald Trump as the Republican presidential nominee — who has also publicly adopted a pro-crypto stance — the group hosted a forum attended by US presidential candidates.

It also actively campaigns for congressional support of cryptocurrency-friendly legislation, rating candidates on their crypto policy stances from A to F. Among those recommended are Bernie Moreno, a Republican in Ohio’s Senate race, and Shomari Figures, a Democrat contending for an Alabama congressional seat.

The influence of PACs in elections is highlighted by the intense competition for the Massachusetts Senate seat currently held by Elizabeth Warren, a Democrat known for her critical stance toward the crypto industry. The incumbent faces opposition from Republican John Deaton, an attorney active in crypto user advocacy who has openly contested Warren’s views.

Crypto key issue for voters

As the US approaches its general elections, with control of Congress and the presidency at stake, crypto-focused PACs are emerging as significant players.

Other groups like Fairshake and its affiliates, Defend American Jobs and Protect Progress, have also raised substantial funds exceeding $100 million to back candidates supporting digital asset-friendly policies.

A recent survey conducted by the Blockchain Association reveals a growing interest among voters in key US swing states in supporting politicians who favor digital assets.

The Harris Poll study, which involved over 1,200 registered voters from states like Michigan, Nevada, Ohio, Montana, Pennsylvania, and Arizona, indicates a notable dissatisfaction with the traditional financial system, perceived as favoring the elite and lacking transparency.

The survey, published on May 7, highlights that while only a minority feel the current financial system serves their needs, a significant portion of the electorate views cryptocurrencies positively, associating them with innovation and accessibility. Currently, 14% of those surveyed own crypto, but 31% have favorable views toward it, seeing it as a path to financial security and prosperity.

Mentioned in this article