MoonPay, a crypto payment service, has donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 elections. The company stated that the upcoming election will have a significant impact on the future of the crypto industry in the United States, and they feel it is important to support organizations working to advance crypto innovation for everyone. MoonPay’s donation comes in response to increasing regulatory pressure on the blockchain industry, and they are proud to stand with crypto and contribute to efforts to create a clear regulatory framework that fosters innovation while protecting consumers.
Stand With Crypto recently launched a political action committee (PAC) to fund pro-crypto politicians running for office across the U.S. MoonPay’s donation is in solidarity with Stand With Crypto’s mission to support elected officials who promote crypto-friendly policies. The advocacy group has already endorsed several political candidates, including Congressional candidates and Senatorial hopefuls, with the goal of protecting the rights of crypto advocates through the November elections. MoonPay’s donation and support for Stand With Crypto demonstrate their commitment to the crypto industry and their belief in the importance of participating in the political process to shape the regulatory environment for digital assets.
This is not the first time MoonPay has been involved in U.S. politics. In the past, MoonPay founder Ivan Soto-Wright made a $500,000 donation to Bitcoin-friendly Miami Mayor Frances Suarez through an LLC owned by him, prompting concerns about potential violations of straw donor laws. Critics argued that the donation may have been made using funds generated by the MoonPay founder instead of the LLC’s income. However, Soto-Wright denied any wrongdoing. MoonPay’s history of political involvement underscores their interest in shaping the regulatory landscape for cryptocurrencies and ensuring a favorable environment for innovation and growth in the industry.
The donation from MoonPay to Stand With Crypto comes at a time when tensions are high over the 2024 U.S. presidential election. Recent polls show Republican frontrunner Donald Trump and incumbent President Joe Biden in a close race. Trump has expressed support for digital assets and announced that his campaign will be accepting cryptocurrency donations. In contrast, Biden has advocated for increased regulation in the sector and has made commitments to uphold existing regulatory frameworks, such as the SEC’s SAB 121. The differing stances of the two candidates highlight the complexity of crypto regulation and the importance of industry participation in shaping policy decisions.
MoonPay’s donation to Stand With Crypto underscores the significance of the upcoming election for the crypto industry and the need for proactive engagement with policymakers to advocate for favorable regulatory frameworks. By supporting organizations like Stand With Crypto and endorsing crypto-friendly candidates, MoonPay is taking a stand to protect and promote innovation in the digital asset space. The involvement of companies like MoonPay in political advocacy demonstrates the growing influence of the crypto industry in shaping policy decisions and ensuring a supportive environment for continued growth and development. As the election approaches, the actions of companies like MoonPay will play a crucial role in shaping the future of the crypto industry in the United States.
