Coinbase, a cryptocurrency exchange based in the US, has established a PAC to promote reasonable regulation of crypto assets. On May 10th, Coinbase’s Stand With Crypto project, which represents approximately 450,000 members, set up a political action committee (PAC) to raise money for candidates running in the United States presidential election of 2024.
Much Adoration for Coinbase’s New Program
In 2023, Coinbase revealed that its customers had donated more than $86 million to back crypto-friendly causes in the nation. How much of these monies will actually go to the PAC is anybody’s guess. The chief strategist of Stand With Crypto, Nick Carr, allegedly told Reuters the following:
“All through November, we’re working to elect candidates who will safeguard the rights of our Stand With Crypto advocates.”
Since its inception, the crypto advocacy group has done everything from lobbying for crypto-friendly legislation among DC lawmakers to hosting a forum for US presidential candidates before Donald Trump was the Republican Party’s nominee.
Bernie Moreno, a Republican, is running for the Senate in Ohio in 2024, and Shomari Figures, a Democrat, is seeking a congressional seat in Alabama. The project assigns grades to each candidate.
American Voters and the Crypto Market
Voters in the United States will choose a new political party to lead the federal government on election day, which is just over six months away. More than $100 million has been raised for candidates who support crypto asset policies by crypto-focused political action committees, such as Fairshake and its affiliates.
The race for the Massachusetts Senate seat currently held by Elizabeth Warren, a Democrat, is one example of a race featuring candidates who have spoken out strongly either in favor of or against cryptocurrency. While serving as a senator, Republican John Deaton opposed Warren’s anti-crypto policies. Deaton has defended crypto users in multiple cases. In a post from May 6th, Public Citizen researcher Rick Claypool said:
There are still eleven primary races where candidates with cryptocurrency backing are running. After that, there are midterms when super PAC spending might affect congressional control due to narrow majorities.