From Investing.com: 2024-05-10 10:30:47

Coinbase’s advocacy group, Stand With Crypto, launches a political action committee (PAC) to back candidates supporting crypto policies, with $85 million in funding. Other crypto PACs have raised over $110 million this election cycle, aiming to influence U.S. political outcomes amid increased regulatory scrutiny.

The PAC, with 440,000 members, plans to support candidates from both major parties in the House and Senate elections. This move comes after FTX founder Sam Bankman-Fried’s criminal conviction for misappropriating customer funds used for political donations. Stand With Crypto directly funds candidates for closer cooperation but faces stricter donation caps.

Stand With Crypto’s diverse slate of supported candidates includes Jim Banks, Jim Justice, Shomari Figures, Eddy Morales, and Troy Downing. The goal is to endorse and support candidates protecting crypto advocates’ rights. Coinbase CEO Armstrong criticizes politicians for overlooking the crypto industry despite its significant reach, rallying support for voting power in November.

Read more at Investing.com: This PAC wants to influence U.S. elections with crypto-friendly candidates By Investing.com