Update: May 15, 06:30 UTC: Coinbase has requested clarification regarding MoonPay’s relationship with them and Stand With Crypto. MoonPay is an independent grassroots organization, not affiliated with Coinbase. Additionally, the donation made by MoonPay was directed towards Stand with Crypto’s c4 effort to mobilize and build crypto advocates, rather than their PAC. It should be noted that only members of Stand with Crypto can contribute to the PAC, with limits of up to $5,000.
MoonPay, a cryptocurrency payment firm, has made an undisclosed donation to Stand With Crypto, a nonprofit crypto advocacy project. MoonPay CEO Ivan Soto-Wright announced on May 13 that the donation was made on behalf of the entire MoonPay team. The donation was specifically directed towards Stand With Crypto’s c4 effort, which aims to build and mobilize advocates for the crypto industry.
Soto-Wright emphasized the significance of the upcoming U.S. presidential election in shaping the future of the cryptocurrency industry in the country. He called upon individuals to take responsibility and actively promote the advancement of crypto.
The donation by MoonPay follows closely after the launch of Stand With Crypto’s political action committee (PAC). The PAC allows approximately 450,000 members to contribute to candidates running in the 2024 U.S. elections, with the goal of endorsing and supporting candidates who protect the rights of Stand With Crypto advocates throughout November.
Coinbase, which played a role in the launch of the Stand With Crypto project in August 2023, also launched its own PAC a few months ago. This move aligns with Coinbase’s ongoing efforts to engage with financial regulatory authorities in the United States.
Coinbase’s decision to support cryptocurrency-friendly politicians reflects its growing involvement in the political sphere. Despite this, Coinbase CEO Brian Armstrong has previously emphasized the company’s apolitical stance, stating that they do not advocate for specific causes or candidates unrelated to their mission.
In conclusion, MoonPay’s donation to Stand With Crypto’s c4 effort highlights the importance of mobilizing crypto advocates in the upcoming U.S. presidential election. This contribution aligns with Coinbase’s own efforts to engage with regulatory authorities and support pro-crypto political candidates.