Crypto PAC Launches Campaign Financing

The rapidly expanding group, Stand With Crypto, has ventured into the political arena with the launch of its political action committee (PAC). Spearheaded by Chief Strategist Nick Carr, the PAC will support congressional candidates who align with cryptocurrency and blockchain values.

Established in August 2023, Stand With Crypto has quickly grown to include over 443,000 members. Despite its grassroots label, the group has seen significant funding, raising more than $86 million for various advocacy activities, including supporter events and a presidential candidate forum. Notably, among the donors are prominent corporate figures such as Coinbase CEO Brian Armstrong.

The PAC’s strategy is distinct from other crypto-focused campaign efforts, which have typically been dominated by large digital assets businesses contributing millions to entities like Fairshake. Unlike these groups, which provide unlimited indirect support, Stand With Crypto’s PAC will make direct contributions to candidates. This direct approach ensures support for individuals showing a profound understanding and dedication to advancing crypto and blockchain innovation in America.

The committee has announced its first set of endorsements, focusing on candidates for open seats in both the U.S. House of Representatives and the Senate. These endorsements include:

• Eddy Morales, a city councilman from Oregon, recognized for his advocacy on technology’s role in economic empowerment.
• Troy Downing, Montana’s securities commissioner, who is making a bid for a House seat.
• Shomari Figures, an Alabama Democrat with a favorable stance on cryptocurrency.
• Rep. Jim Banks of Indiana, recently victorious in his party’s primary.
• Gov. Jim Justice of West Virginia, pursuing a Senate seat vacated by Sen. Joe Manchin.

These candidates have been chosen for their impressive contributions to the crypto sector. However, contributions to the PAC are capped at $5,000 per member and require public disclosure, contrasting with the anonymity often associated with crypto transactions.

As Stand With Crypto’s PAC gears up for the November general election, it represents a pivotal movement within the political financing landscape, merging traditional campaign support with the dynamic world of cryptocurrency advocacy.