Stand With Crypto, a digital asset advocacy group, recently launched its own political action committee (PAC) with the goal of supporting pro-crypto politicians leading up to the November 2024 elections. The committee, led by the organization’s Chief Strategist Nick Carr, aims to endorse and support candidates who protect the rights of Stand With Crypto advocates. Among the candidates supported by the group are Congressional hopefuls Eddy Morales (D-OR), Shomari Figures (D-AL), and Troy Downing (R-MT), as well as Senatorial candidates Jim Justice (R-WV) and Jim Banks (R-IN). The group, which was established by Coinbase just last year, has already garnered nearly 450,000 members.
According to recent data from the Digital Currency Group (DCG), one in five voters in swing states consider crypto to be a key issue in the upcoming elections. Stand With Crypto’s PAC is endorsing a bipartisan slate of candidates running for the House of Representatives and the Senate, including both Donald Trump and Robert Kennedy in the 2024 U.S. presidential election. Both Trump and Kennedy have shown support for crypto in the past, with Trump announcing that he will begin accepting digital asset donations for his campaign. Kennedy, on the other hand, has been an advocate for virtual currencies and proposed putting the entire U.S. budget on the blockchain if elected president.
In contrast to the support for Trump and Kennedy, the crypto PAC has taken a stance against current President Joe Biden, giving him an ‘F’ rating for his strict stance against digital assets. Biden recently announced his intention to veto H.J. Res. 109, a proposal from representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) that aims to issue formal disapproval of the United States Securities and Exchange Commission’s (SEC) controversial SAB 121. This SEC ruling requires banks holding crypto-assets to list liabilities and corresponding digital assets on their balance sheets. Pro-crypto lawmakers argue that limiting the SEC’s ability to regulate crypto-assets could lead to financial instability and market uncertainty.
The launch of Stand With Crypto’s PAC comes as part of a growing movement to advocate for digital assets in the political sphere. With nearly half a million members, the organization is mobilizing its supporters to back candidates who champion the rights of crypto advocates. The PAC’s endorsement of candidates like Trump and Kennedy reflects a commitment to advancing policies that are favorable to the crypto industry. By engaging in political advocacy and fundraising efforts, Stand With Crypto aims to shape the conversation around digital assets and ensure that the voices of crypto supporters are heard at the highest levels of government.
As the 2024 elections approach, the debate over crypto regulation and adoption is gaining momentum. Swing state voters are increasingly recognizing the importance of digital assets as a key issue in the political landscape. Stand With Crypto’s PAC is at the forefront of this movement, pushing for the election of pro-crypto candidates who understand the potential of virtual currencies and blockchain technology. With the backing of a substantial number of members and the support of prominent political figures, the organization is poised to make a significant impact on the upcoming elections and shape the future of crypto regulation in the United States.
