Stand With Crypto Launches Political Action Committee to Directly Fund Pro-Crypto Congressional Candidates

Stand With Crypto, a growing organization supporting cryptocurrency enthusiasts, has announced the launch of its own political action committee (PAC) to directly fund endorsed congressional candidates. Their initial list of five candidates includes those vying for open seats in both the House of Representatives and Senate, although donations cannot be made until after the slate has been officially approved by federal regulators. The committee’s fundraising limit is $5,000 per person. The organization’s current non-profit arm has received over $86m in donations since its founding in 2021, primarily used for advocacy activities like rallies, debates, and forums. Unlike other prominent crypto campaign finance initiatives, which predominantly originate from significant digital asset companies, Stand With Crypto aims to donate directly to candidates who exhibit a strong understanding and dedication to cryptocurrency and blockchain innovation in the US. The organization’s PAC, as part of the “social welfare” section, is regulated as a 501(c)(4). All donors must disclose their identities openly. So far, Stand With Crypto has endorsed Democratic candidate Eddy Morales, running for a congressional seat in Oregon, and Republican Troy Downing, hoping to win a House seat in Montana. Other endorsed candidates include Shomari Figures, an Alabaman Democrat, Rep. Jim Banks, a Republican from Indiana, and West Virginia Governor Jim Justice, who is aiming for a Senate position vacated by Joe Manchin, another Democrat. The committee plans to select further candidates as needed, and it keeps a rating system for incumbents based on their stance towards cryptocurrencies. This new development follows a recent report by Reuters, indicating that the crypto industry is actively participating in electoral politics.