As the Stand With Crypto campaign crossed over half a million advocates, leading offramp service provider Moonpay has committed a donation of $1 million to the non-profit organisation. Stand With Crypto is an initiative aimed to mobilize American voters in favor of cryptocurrency-friendly policies and candidates.
Moonpay’s CEO, Ivan Soto-Wright, emphasized the importance of this donation in fostering a regulatory framework that supports innovation in the crypto sector. “We are committed to advancing crypto innovation for everyone,” Soto-Wright stated. He released the pull statement on X:
https://twitter.com/isotowright/status/1790070664239501726
He highlighted the need for proactive political engagement to ensure a favorable environment for digital currencies in the United States.
gm, @standwithcrypto has crossed HALF A MILLION advocates.
The crypto voter is real, they want regulatory clarity, and they will vote for politicians in November who want crypto innovation to stay in the US 🛡️ pic.twitter.com/FZRXe1koIw
— Travis Bloom🛡️ (@TravisBloom) May 14, 2024
The donation comes at a crucial time for the crypto industry, which has faced significant regulatory challenges despite early optimism following the approval of Bitcoin ETF products at the beginning of 2024.
Major U.S. cryptocurrency exchanges like Coinbase, Kraken, and Robinhood are currently embroiled in legal battles, reflecting the ongoing scrutiny of the crypto market.
Stand With Crypto has already garnered substantial support, reporting over $87 million in donations from over 500,000 crypto advocates. The organization recently announced plans to establish a political action committee (PAC) to directly support congressional candidates who favor crypto-friendly policies.
Originally launched by Coinbase in 2023, Stand With Crypto aims to transform the cryptocurrency community into a powerful advocate for updating financial policies and promoting economic empowerment.
Coinbase CEO Brian Armstrong has also contributed $1 million to the cause, reflecting a growing movement within the industry to influence political outcomes in favor of cryptocurrency innovation.
Stand With Crypto Establishes Political Action Committee
The organisation has launched its own political action committee (PAC) to directly fund endorsed congressional candidates. Chief Strategist Nick Carr announced that the PAC will initially endorse five candidates vying for seats in the U.S. House of Representatives and Senate. However, donations from the PAC will commence only after its members, each limited to $5,000 contributions, begin funding it.
The organization has raised over $87 million for advocacy activities, including supporter events, town halls, and a presidential candidate forum. Unlike other crypto PACs funded by major businesses, Stand With Crypto’s PAC will limit donation amounts and require public donor identification, adhering to the constraints of its 501(c)(4) status.
The initial endorsements include Democrat Eddy Morales from Oregon, Republican Troy Downing from Montana, Alabama Democrat Shomari Figures, Indiana Republican Rep. Jim Banks, and West Virginia Governor Jim Justice. These candidates have demonstrated a strong commitment to crypto and blockchain innovation.
