Stand With Crypto Launches Political Action Committee

A new political action committee called Stand With Crypto has launched a PAC to back pro-crypto politicians ahead of the 2024 elections. 

Having more than 440,000 members, the group recently revealed that it has endorsed candidates from all parties for the Senate and the House of Representatives, demonstrating its coordinated efforts to promote the blockchain and cryptocurrency sectors.

The political action committee (PAC) is part of a larger push by Crypto super PACs like Fairshake, Defend American Jobs, and Protect Progress, which have raised over $110 million in this election season, according to data from the Federal Election Commission.

In the face of increased scrutiny following the conviction of FTX founder Sam Bankman-Fried for consumer fraud and misappropriation of over $100 million for US political campaigns, the PACs seek to support candidates that embrace cryptocurrency.  

The objective is to “endorse and support candidates protecting the rights of our advocates of Stand With Crypto throughout November,” stressed Nick Carr, chief strategist at Stand With Crypto.

Jim Banks, a Republican running for the Senate seat in Indiana; Jim Justice, a Republican running for the Senate in West Virginia; Shomari Figures, a Democrat running for the Second District of Alabama; Eddy Morales, a Democrat running for the Third District of Oregon; and Troy Downing, a Republican running for the Second District of Montana are among the endorsements.

The cryptocurrency business is getting more involved in politics and wants to influence the regulatory landscape by making sure candidates who share its views win support from voters.