By
Tolu Ajiboye
September 20th, 2022
Nick Carr, chief strategist at Stand With Crypto, says their goal is to support politicians who support the crypto community’s rights.
The cryptocurrency nonprofit organization with a large membership of 440,000 individuals has established a political action committee (PAC) called ‘Stand With Crypto’. This PAC is not only a fundraising entity but also a call to its extensive membership to financially support politicians who are open to embracing the transformative potential of cryptocurrencies and blockchain technology.
The formation of the Stand With Crypto PAC shows a significant step in the cryptocurrency industry’s journey towards political involvement. The move aligns with the efforts of other crypto-focused super PACs, such as Fairshake, Defend American Jobs, and Protect Progress, which have collectively raised over $110 million in the current election cycle, according to the Federal Election Commission records.
Crypto PAC’s Bipartisan Endorsements for 2024
The strategic shift comes at a time when the crypto industry is facing intense scrutiny, particularly after the conviction of FTX founder Sam Bankman-Fried in the previous year for improperly using customer funds. Reportedly, he directed over $100 million into US political campaigns, which has raised concerns about the industry’s political contributions.
Stand With Crypto’s political action committee operates distinctly from super PACs. Super PACs can accept unlimited donations and cannot coordinate directly with political campaigns. In contrast, Stand With Crypto’s PAC concentrates on mobilizing its members to support candidates who advocate for the rights of crypto users and the wider crypto community.
The PAC has backed a mix of candidates from both parties, including Republicans like Jim Banks in Indiana, Jim Justice in West Virginia, and Troy Downing in Montana’s Second District. On the Democratic side, the PAC supports Shomari Figures in Alabama’s Second District and Eddy Morales in Oregon’s Third District. These endorsements show the PAC’s aim to support a political climate that enables the crypto sector to grow and thrive.
Nick Carr, the chief strategist at Stand With Crypto, emphasized the PAC’s mission, stating:
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,”
Crypto PACs Shape Election Outcomes
The PAC’s influence is already evident, with another crypto super PAC, known as “Defend American Jobs”, celebrating the success of four candidates it backed in the Indiana primary elections. These candidates include Jim Banks and Mark Messmer, who are both Republicans running for the Eighth District of the state.
As the political landscape evolves, the crypto world is ready to shape the future of digital finance. With 440,000 members supporting it, the Stand With Crypto PAC is leading the push to ensure crypto supporters’ voices are heard in government. The industry’s active role in this election cycle shows its strength and dedication to dealing with the mix of tech, finance, and politics.
