Bittime - Political Action Committee (PAD) launched the Stand with Crypto Alliance, fully supporting pro-crypto politicians.
This initiation is a new milestone because the crypto community openly declares its support only for politicians who care about crypto.
Launch of Political Action Committee (PAC)
The “Stand for Crypto” alliance under the auspices of Coinbase has introduced a Political Action Committee (PAC) aimed at influencing crypto regulation through the 2024 election process.
On May 10, Stand With Crypto announced the launch of this PAC via social media, with the goal of enabling its approximately 450,000 members to provide financial support to US Senate and House candidates who support progressive policies regarding digital assets .
Also Read: 'Stand with Crypto' Alliance, Movement for Better Crypto Policy
With just six months left until election day, PAC involvement, especially in a close contest, could be very significant.
In accordance with Federal Election Commission regulations, individuals can contribute a maximum of $5,000 to a PAC like Stand With Crypto, potentially generating a total of up to $2.2 billion in support funds.
In contrast, Super PACs can receive unlimited funding from companies, a category to which Coinbase has donated millions of dollars to support related initiatives.
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The Real Role of the Political Action Committee
PAC is a development of the Stand With Crypto project initiated by Coinbase in 2023.
Since its inception, the project has managed to raise more than $86 million in donations for various crypto-supporting initiatives.
While there is no clarity regarding the amount of funds that will be allocated directly to the PAC, Nick Carr, the group's chief strategist, emphasized the organization's commitment to supporting candidates fighting for crypto rights.
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Firmly Advocating for Pro-Crypto Political Groups
The advocacy efforts of this group are starting to be felt in the political arena. Prior to the confirmation of Donald Trump as the Republican presidential candidate, who is also known to hold a pro-crypto stance, the group hosted a forum attended by US presidential candidates.
They have also been active in campaigns to gain congressional support for crypto-supportive legislation, ranking candidates' crypto policies from A to F.
Also Read: Donald Trump: Pro Crypto, Con Biden Meme Coins
Among the recommended candidates are Bernie Moreno, a Republican running for the Ohio Senate, and Shomari Figures, a Democrat vying for an Alabama congressional seat.
The PAC's influence in the election is underscored by the tight race for the Massachusetts Senate seat currently held by Elizabeth Warren, a Democrat known for her critical stance on the crypto industry.
Warren faces a challenge from John Deaton, a lawyer who is active in crypto user advocacy and has openly opposed Warren's views.
Crypto Is Key
As America heads into the general election, with control of Congress and the presidency at stake, crypto-focused PACs are becoming increasingly instrumental.
Other groups such as Fairshake and its affiliates, Defend American Jobs and Protect Progress, have also raised large amounts, exceeding $100 million, to support candidates who support policies that support digital assets.
A recent survey conducted by the Blockchain Association shows increasing interest among voters in key US states to support politicians championing digital assets.
The Harris Poll study, which included more than 1,200 registered voters from states such as Michigan, Nevada, Ohio, Montana, Pennsylvania and Arizona, revealed significant dissatisfaction with a traditional financial system that is seen as unfair and lacking in transparency.
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The survey, published on May 7, highlighted that while only a small majority feel the current financial system meets their needs, the majority of voters view cryptocurrencies in a positive light, associating them with innovation and accessibility.
Currently, although only 14% of respondents own crypto, 31% of them have a positive view of crypto, seeing it as a means to achieve financial security and prosperity.
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Also Read:
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Elizabeth Warren Will Face Pro-Crypto Senatorial Candidates
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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