Stand With Crypto Forms Political Action Committee to Support Pro-Crypto Politicians

In response to the increasing influence of the cryptocurrency industry in politics, a nonprofit organization called Stand With Crypto has established a Political Action Committee (PAC) to collect funds from its 440,000 members for pro-crypto politicians. This move follows the deep-pocketed efforts of several prominent crypto companies, such as Fairshake and Defend American Jobs, which have contributed over $110 million to political campaigns during the current election cycle, as revealed by Federal Election Commission reports. The involvement of the crypto industry in politics comes amidst criticism following the conviction of FTX founder Sam Bankman-Fried for stealing customer funds, allegedly to finance US political campaigns worth over $100 million. It should be noted that PACs differ from Super PACs, which can receive unlimited contributions but cannot collaborate directly with campaigns. Among the initial list of endorsed candidates by Stand With Crypto’s PAC are Republicans Jim Banks, running for Senate in Indiana, and Mark Messmer, also running for Senate in Indiana, as well as Democrats Shomari Figures, contesting Alabama’s Second District, Eddy Morales, competing for Oregon’s Third District, and Troy Downing, challenging Montana’s Second District. According to Nick Carr, the Chief Strategist at Stand With Crypto, the aim is to endorse and financially back politicians who safeguard the rights of the organization’s followers through the upcoming elections in November. The crypto industry claims that it is already exerting a notable impact on this year’s polls, as Defend American Jobs celebrated the successful campaigns of four of its endorsed contenders during the Indiana primaries held on Tuesday, including Banks and Messmer. (Reporting by Stephanie Kelly; Editing by Heather Timmons and Jamie Freed)