Coinbase's Stand With Crypto Initiative Launches Political Action Committee for 2024 Elections
Summary:
Coinbase's Stand With Crypto initiative has launched a political action committee (PAC), allowing its roughly 450,000 members to support candidates in the 2024 U.S. elections. Since its inception in 2023, the project claims to have raised over $86 million for pro-crypto ventures in the US. The group also grades lawmakers on an A-F scale and has recommended several candidates for the 2024 elections. Other crypto-focused PACs have raised over $100 million to back candidates favoring digital asset policies. Federal Election Commission rules limit individual PAC donations to $5,000.
Coinbase, a US-based cryptocurrency exchange platform, has initiated a political action committee (PAC) as part of its Stand With Crypto initiative, which advocates for logical regulation of digital assets. Coinbase revealed its new PAC on May 10, allowing its around 450,000 affiliates to support candidates participating in the 2024 US elections. Since its inception by Coinbase in 2023, Stand With Crypto claims to have solicited over $86 million in donations, which are used to promote crypto-friendly drives within the region. However, it remains uncertain what proportion of these contributions will be dedicated to the PAC.
"The main objective is to back and promote candidates who are taking steps to safeguard the rights of the members of Stand With Crypto throughout November," stated Stand With Crypto's Chief Strategist, Nick Carr via a Reuters report.
Stand With Crypto, since its establishment, has conducted a discussion forum for US Presidential hopefuls before Donald Trump was chosen as the Republican Party nominee, and it actively campaigns for the passage of crypto-supportive legislation by Washington lawmakers. The initiative uses an A-F grading system for candidates running in 2024. Among the recommended contenders are Bernie Moreno, a Republican running for Ohio's Senate seat, and Shomari Figures, a Democrat vying for an Alabama congressional position.
The upcoming Election Day is just about six months away, where the determination of control over the House of Representatives, the Senate, and the presidency will be in the hands of the voters. Crypto-centric PACs, including Fairshake, Defend American Jobs, Protect Progress, and their partner organizations have successfully fundraised over $100 million to back contenders favoring digital asset policies.
Among the electoral races having candidates with clearly pro- and anti-crypto sentiments is the dispute for the Senate seat of Massachusetts, presently occupied by Democrat Elizabeth Warren. Republican candidate John Deaton, a lawyer who has consistently defended crypto users in numerous lawsuits, has been a vocal critic of Senator Warren's anti-crypto stance during her tenure.
"Eleven pre-election contests featuring cryptocurrency-supported nominees are still ongoing," remarked Rick Claypool, a researcher at Public Citizen in a May 6 post on X. "Following that is the general elections, where lean majorities signify that super PAC expenditures could affect the control of Congress.”
As per Federal Election Commission guidelines, individuals backing a PAC can donate a maximum of $5000, potentially contributing up to $2.2 billion to Stand With Crypto given its current membership. In stark contrast, Super PACs can receive unlimited corporate donations. Coinbase has reportedly made significant contributions to Fairshake and its associates.
Published At
5/10/2024 7:02:46 PM
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