Digital asset advocacy group Stand With Crypto launched its own political action committee (PAC) on May 10, according to a Friday Reuters report. The committee will support pro-crypto politicians in the lead-up to the November 2024 elections.
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” the digital asset organization’s Chief Strategist Nick Carr told Reuters.
Stand With Crypto Launches PAC To Push Pro-Digital Asset Candidates
So far, the group is banking a swath of diverse political candidates, including 2024 Congressional hopefuls Eddy Morales (D-OR), Shomari Figures (D-AL), and Troy Downing (R-MT), as well as Senatorial candidates Jim Justice (R-WV) and Jim Banks (R-IN).
A cryptocurrency nonprofit has launched a new political action committee to raise money from its 440,000 members for crypto-friendly politicians. The PAC is endorsing a bipartisan slate of candidates running in the House of Representatives and the Senate https://t.co/E8GVc4boOA
— Reuters (@Reuters) May 10, 2024
The crypto advocacy group, launched by Coinbase just last year, has since reached nearly 450,000 members.
Who Backs Crypto In The 2024 Elections?
News of the launch of Stand With Crypto’s PAC comes amid recent data from the Digital Currency Group (DCG) showing one in five voters in swing states believe crypto is a key issue ahead of this year’s elections.
Currently, the PAC is backing both Donald Trump and Robert Kennedy in the 2024 U.S. presidential election.
Both candidates have taken pro-crypto stances in the past, with Trump recently announcing he will begin to accept digital asset donations for his campaign.
‼️NEW DCG POLL‼️ released today reveals 1 in 5 battleground state voters consider crypto a key issue in 2024 U.S. elections. In a survey conducted with @HarrisPoll, swing state voters call for greater discourse on digital assets from political candidates. (1/4) pic. .com/wdfWOePuUw
— DCG (@DCGco) May 7, 2024
Meanwhile, Kennedy has been a vocal advocate for virtual currencies. Just last month, the White House hopeful declared that if elected president, he would put the entire U.S. budget on the blockchain.
The crypto PAC has further taken a stance against current President Joe Biden, giving him an ‘F’ rating for his stringent stance against digital assets.
Just this week, Biden announced that he would veto representatives Mike Flood (R-NE) and Wiley Nickel’s (D-NC) H.J. Res. 109, which would see Congress issue formal disapproval of the United States Securities and Exchange Commission’s (SEC) controversial SAB 121.
The SEC’s staff accounting bulletin has come under fire by pro-crypto lawmakers as it would require banks custodying crypto-assets to list liabilities and corresponding digital assets on their balance sheets.
“Given that these institutions have successfully offered custodial services to the traditional financial system for decades, it only makes sense for banks and other financial entities to continue this service for digital assets,” Flood said in a recent subcommittee hearing.
“Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets would introduce substantial financial instability and market uncertainty,” a White House letter announcing Biden’s veto read.