Coinbase-initiated Stand With Crypto advocacy group launches PAC targeting US elections

Stand With Crypto — an advocacy group started by Coinbase last year — has formed a new affiliated federal political action committee (PAC) to raise money from its 440,000 members in support of crypto-friendly politicians.

Funds raised will be used to support bipartisan candidates running for the House of Representatives and the Senate in November’s U.S. elections, according to a statement shared with The Block.

Stand With Crypto operates as a 501(c)(4) nonprofit aimed at mobilizing U.S. cryptocurrency owners to push for clear, sensible regulations, leveraging educational initiatives and public engagement to influence legislation and support innovation within the crypto industry.

The PAC's supported candidates include Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Shomari Figures, a Democrat running to represent Alabama's Second District; Eddy Morales, a Democrat running to represent Oregon's Third District; and Troy Downing, a Republican running to represent Montana's Second District.

“Launching this federal PAC will take Stand With Crypto’s advocacy on behalf of crypto voters to the next level,” Stand With Crypto Chief Strategist Nick Carr said. “SWC is already 440,000 advocates strong nationwide and is growing every day, and this PAC will allow our members to have an even louder voice in both DC-based decision making and in November’s elections. Crypto voters are diverse and bipartisan, and are looking for candidates on both sides of the aisle to support in November.”

Crypto's increasing role in US elections

Crypto has increasingly become a part of the campaign trail as current and previous presidential candidates have voiced their stances. More than 20% of swing state voters view cryptocurrency as a key issue in the upcoming U.S. elections, according to an online survey by Digital Currency Group released on Tuesday.

Crypto industry super PACs have raised more than $100 million for the 2024 congressional elections, according to a Monday report from consumer advocacy group Public Citizen, which gathered data from Opensecrets.org. Over half the money comes from direct corporate expenditures, primarily Coinbase and Ripple Labs, the report said, with $11 million from each of the Andreessen Horowitz founders, $5 million from the Winklevoss twins and $1 million from Coinbase CEO Brian Armstrong.

Stand With Crypto’s PAC is designed to be more of a grassroots movement, with smaller donations limited to $5,000 each from its large pool of members. This approach contrasts with these so-called “super PACs,” which can receive unlimited contributions from donors but cannot directly coordinate with political campaigns.

Updated with comment from Stand With Crypto.