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Cryptocurrency News Articles
Coinbase Advocacy Group Launches Political Action Committee for 2024 Polls
May 11, 2024 at 12:03 am
Coinbase's Stand With Crypto project, advocating for sensible digital asset regulation, has formed a political action committee (PAC) with approximately 450,000 members supporting candidates in the 2024 U.S. elections. The project has previously reported over $86 million in contributions towards pro-crypto initiatives, and the PAC aims to endorse candidates protecting crypto advocates' rights.
Coinbase's Advocacy Group Launches Political Action Committee for 2024 Elections
Coinbase, the prominent United States-based cryptocurrency exchange, has taken a significant step in its advocacy efforts with the launch of a political action committee (PAC) called Stand With Crypto. This move signals the company's commitment to shaping the regulatory landscape for digital assets and mobilizing its vast user base in support of pro-crypto candidates.
Stand With Crypto, launched by Coinbase in 2023, has quickly amassed a membership approaching 450,000 individuals who have contributed over $86 million to support crypto-friendly initiatives in the United States. Now, with the establishment of the PAC, the group will be able to channel its resources directly into electoral campaigns.
According to Nick Carr, Chief Strategist of Stand With Crypto, the PAC's primary objective is to endorse and support candidates who champion the rights of the group's members during the 2024 U.S. elections. The initiative aims to capitalize on the upcoming electoral cycle, where key races will shape the House of Representatives, the Senate, and the presidency.
Since its inception, Stand With Crypto has sought to influence crypto legislation through various means. It has hosted candidate forums, including one featuring several potential Republican presidential nominees, and has lobbied lawmakers in Washington, D.C., to support policies favorable to the industry.
The group has also employed a grading system to evaluate candidates running for office in 2024, utilizing an A to F scale. Prominent endorsements include Republican Bernie Moreno for the Ohio Senate race and Democrat Shomari Figures for a congressional seat in Alabama.
Coinbase's political engagement aligns with a broader trend within the cryptocurrency industry. Other crypto-focused PACs, such as Fairshake and its affiliates Defend American Jobs and Protect Progress, have collectively raised over $100 million to support candidates who advocate for favorable digital asset policies.
One notable race with opposing views on cryptocurrency is the contest for Massachusetts' Senate seat, currently held by Democrat Elizabeth Warren. Republican John Deaton, an attorney who has represented crypto users in legal disputes, has emerged as a vocal critic of Senator Warren's anti-crypto stances.
While PACs are subject to individual contribution limits of $5,000, their influence can be amplified through coordination with super PACs, which are permitted to accept unlimited funds from corporations. Coinbase has previously provided significant financial support to Fairshake and its affiliates.
As the 2024 elections approach, the crypto industry's efforts to shape the political landscape are expected to intensify. Stand With Crypto's PAC serves as a potent tool for mobilizing the industry's supporters and advocating for policies that promote the growth and adoption of digital assets.
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