Stand With Crypto PAC launches as industry interest in campaign funding ramps up

Theres a new crypto Political Action Committee (PAC) on the scene.

Coinbase-initiated nonprofit Stand With Crypto announced it is launching a new PAC Friday.

The associated PAC, which means only individual Stand With Crypto members can contribute up to $5,000 each, plans to back “candidates who support the crypto community,” the nonprofit said on X Friday.

Stand With Crypto, a 501(c)(4) nonprofit organization, launched last summer as an effort to give crypto fans more access to information about policy makers and candidates, leaders said.

“This is a grassroots, organic bottom-up effort,” Kara Calvert, Coinbases head of US policy, said in August 2023 when announcing the new initiative.

“It can provide a lot of tools to people, they can learn about the members of Congress, they can access a scorecard, they can access a legislative action portal…it will really give them the tools that they need to engage with their members of Congress,” Calvert added.

Read more from our opinion section: Only a fool would vote on crypto alone

While federal law makes contributions to the PAC tricky, companies and individuals are free to make donations to the nonprofit itself. Crypto payments operation Moonpay on Monday announced a $1 million pledge, an effort the company said was inspired by upcoming elections.

“Today, two things are abundantly clear: This years election will define the future of our industry in the United States, and it is our responsibility to step up and stand alongside those organizations that want to positively advance crypto innovation for everyone,” Ivan Soto-Wright, Moonpay CEO, said in a statement Monday.

Stand With Cryptos PAC comes on the scene as crypto-focused Super PAC trio Defend American Jobs, Fairshake and Protect Progress continue to dish out cash. The three groups have collectively deployed $31,752,033.81 so far this calendar year, according to Federal Election Commission filings.

Read more:Crypto PAC-backed candidates sweep in US election primaries

The PACs made a big financial push during the March Congressional primary cycle, doling out more than $10.1 million to fund advertisements against Rep. Katie Porter, the incumbent Democrat from California who ultimately lost her bid for the late Sen. Dianne Feinsteins seat.

The trio is also backing Alabama Democrat Shomari Figures, who is vying for a US House seat in November. Protect Progress donated close to $2 million during his primary campaign in March and April, filings show.

Stand With Crypto has not yet filed contribution and disbursement forms with the FEC, but has revealed its first five endorsements: Figures; Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Eddy Morales, a Democrat running to represent Oregon‘s Third District; and Troy Downing, a Republican running to represent Montana’s Second District.