Political action committee Stand With Crypto launched by Coinbase

Coinbase, a cryptocurrency exchange based in the United States, has launched a political action committee (PAC) as part of its Stand With Crypto project. The PAC aims to gather contributions from its approximately 450,000 members to support candidates in the 2024 U.S. elections. Since its inception in 2023, the initiative has received over $86 million in donations to back pro-crypto initiatives. The exact allocation of these funds to the PAC is unknown. Stand With Crypto’s chief strategist, Nick Carr, stated that the goal is to endorse and support candidates who protect the rights of crypto advocates. The project has previously organized a forum for presidential candidates and campaigned for crypto-friendly legislation in Washington D.C. It also rates lawmakers running in 2024 on a scale from A to F, recommending candidates such as Bernie Moreno for Ohio’s Senate race and Shomari Figures for a congressional seat in Alabama. Crypto-focused PACs, including Fairshake and its affiliates, have raised over $100 million to support candidates in favor of digital asset policies. Notable races include the Massachusetts Senate seat held by Elizabeth Warren, with Republican John Deaton advocating for crypto users against Warren’s anti-crypto stance. The upcoming elections will determine the control of the House of Representatives, the Senate, and the presidency. Individual donations to PACs are limited to $5,000, potentially allowing Stand With Crypto to collect up to $2.2 billion from its current membership. In contrast, Super PACs can accept unlimited contributions from corporations. Coinbase has made significant donations to Fairshake and its affiliates.