Crypto Industry Forms Political Action Committee to Support Pro-Crypto Politicians

In a recent development, the cryptocurrency advocacy group Stand With Crypto has established a Political Action Committee (PAC) to collect funds from its 440,000 members for pro-crypto politicians. This move aligns with the deep-pocketed efforts of the crypto industry to elect candidates supportive of cryptocurrency and blockchain. The PAC, known as Stand With Crypto’s PAC, has also announced its bipartisan list of candidates running for seats in the House of Representatives and the Senate.

Notably, the involvement of the crypto industry in this year’s elections follows the conviction of Sam Bankman-Fried for theft of customer funds. According to prosecutors, Bankman-Fried utilized these funds to contribute over $100 million to US political campaigns. Super PACs such as Fairshake, Defend American Jobs, and Protect Progress have reportedly raised more than $110 million during this cycle, based on Federal Election Commission data.

Remarkably, Stand With Crypto’s PAC differs from super PACs since it can provide direct contributions to candidates, while super PACs must refrain from coordinating directly with campaigns despite accepting unlimited fundings.

Stand With Crypto’s initial endorsements include Jim Banks, a Republican candidate for the Senate in Indiana; Jim Justice, a Republican running for the Senate in West Virginia; Shomari Figures, a Democratic contender in Alabama’s Second District; Eddy Morales, a Democratic hopeful in Oregon’s Third District; and Troy Downing, a Republican running to represent Montana’s Second District. As Nick Carr, Stand With Crypto’s Chief Strategist, stated, the PAC aims to endorse and support candidates dedicated to safeguarding the liberties of Stand With Crypto’s members until November’s conclusion.

Moreover, the crypto industry claims to be actively participating in the current election cycle. Defend American Jobs, a crypto super PAC, asserted triumph following the successes of four endorsed candidates in the Indiana primaries, including Banks and Mark Messmer, a Republican candidate for the state’s Eighth District.