MoonPay donates $1 million to Coinbase-initiated Stand With Crypto

Crypto payments infrastructure firm MoonPay contributed $1 million to Stand With Crypto, an advocacy group with a political action committee initiated by the crypto exchange Coinbase. A MoonPay representative confirmed the amount to The Block.

Stand With Crypto is a non-profit backing bipartisan, crypto-friendly politicians in Congress. It aims to facilitate clearer crypto regulation in the United States. 

"Today, two things are abundantly clear: this year's election will define the future of our industry in the United States; and, it is our responsibility to step up and stand alongside those organizations that genuinely wish to positively advance this innovation for everyone," wrote MoonPay CEO Ivan Soto-Wright in a statement viewed by The Block. "In solidarity with Stand With Crypto, we are supporting elected officials who will work to create a clear purpose-built, regulatory framework for our industry."

Coinbase launched Stand With Crypto in August 2023. The group unveiled its PAC on May 10, 2024, The Block previously reported. 

Crypto and the 2024 election

Crypto may already be playing a part in determining the next president — despite months until the November election.

American entrepreneur Mark Cuban noted in commentary posted on X that "crypto is a mainstay with younger and independent voters" and that "crypto voters will be heard this election." Moreover, Cuban surmised that if current president Joe Biden loses re-election, it would be partly due to cryptocurrency regulation implemented by Securities and Exchange Commission Chair Gary Gensler. To aid Biden in the re-election, Congress could pass crypto-specific regulations or transfer crypto regulation over to the Commodity Futures Trading Commission, he continued. 

Donald Trump, former U.S. president and current Republican presidential candidate, stated that he would accept cryptocurrency for campaign donations. Additionally, memecoins centered around both Biden and Trump rallied in early May. 

Clarification: May 13 (14:10 UTC): A previous headline said the donation was made to Stand With Crypto PAC. It was made to the organization, not the political action committee.