Nonprofit Group Stand With Crypto Forms PAC to Support Pro-Crypto Candidates

Stand With Crypto, a nonprofit group with 440,000 members, has reportedly formed a political action committee (PAC) to support candidates friendly to cryptocurrency and blockchain. The new PAC aims to raise money from its members to endorse and support candidates who protect the rights of Stand With Crypto advocates.

According to Reuters, other crypto-focused super PACs, including Fairshake, Defend American Jobs, and Protect Progress, have raised a combined total of $110 million for the upcoming election season. These super PACs have become one of the top three fundraisers in the 2024 election cycle, behind only the super PAC backing Ron DeSantis’ failed presidential campaign and the one supporting Democratic Senate candidates.

Public Citizen, a nonprofit consumer advocacy organization, reported that out of the six 2024 primaries in which crypto super PACs intervened, only one crypto-backed candidate has lost. Eleven primary races with crypto-backed candidates are still ongoing, and the crypto super PACs have pledged to spend in general election Senate races in battleground states like Ohio and Montana.

In March, crypto-focused super PACs spent at least $13 million on the Super Tuesday primary contests in Texas, California, and Alabama. The crypto community is actively engaging in politics to influence races and support candidates who align with their agenda and vision.

Cryptocurrency firms have also been increasing their lobbying efforts in Washington, with digital asset companies spending $18.9 million on lobbying in the first three quarters of 2023. The goal is to engage directly with policymakers, build relationships, and bridge the education gap to establish a commonsense regulatory framework.

Stand With Crypto previously hosted an event in Washington with 50 crypto founders to advocate for legislative clarity aligned with their goals. The formation of the new PAC signifies the growing influence and impact of the crypto community in the political landscape.