Coinbase Launches Crypto PAC

Coinbase, a cryptocurrency exchange based in the United States, has launched a political action committee (PAC) as part of its Stand With Crypto project. The PAC is aimed at allowing the project’s 450,000 members to contribute to candidates running in the 2024 U.S. elections. Stand With Crypto, which was started by Coinbase in 2023, has already received over $86 million in donations towards supporting pro-crypto initiatives in the country. It is unclear how much of these funds will be allocated to the PAC. The goal of the PAC is to endorse and support candidates who champion the rights of Stand With Crypto advocates in the upcoming election in November.

Stand With Crypto has been actively involved in advocating for cryptocurrency-friendly legislation. They have hosted a forum for U.S. Presidential candidates and urged D.C. lawmakers to support such legislation. The project rates lawmakers running in 2024 on a scale of A to F, with recommended candidates including Bernie Moreno for Ohio’s Senate race and Shomari Figures for one of Alabama’s congressional seats.

Crypto-focused PACs, such as Fairshake and its affiliated organizations, Defend American Jobs and Protect Progress, have raised over $100 million to support candidates who are in favor of digital asset policies. One notable race involving pro and anti-crypto candidates is the contest for the Massachusetts Senate seat currently held by Democrat Elizabeth Warren. Republican John Deaton, an attorney advocating for crypto users in legal battles, has been critical of Senator Warren’s anti-crypto views.

The upcoming U.S. election will determine which political party controls the House of Representatives, the Senate, and the presidency. The involvement of PACs like Stand With Crypto can have a significant impact on the outcome of the election. Individuals supporting a PAC are limited by Federal Election Commission rules to donate no more than $5,000. Stand With Crypto could potentially receive up to $2.2 billion from its current membership. In contrast, Super PACs can accept unlimited contributions from corporations.

Coinbase has previously donated millions of dollars to Fairshake and its affiliated organizations. The launch of the Stand With Crypto PAC further demonstrates Coinbase’s commitment to advocating for favorable regulations and policies for the cryptocurrency industry.

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