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 aims to allow its 450,000 members to contribute to candidates running in the 2024 U.S. elections. Since its establishment in 2023, the project has received over $86 million in donations to support pro-crypto initiatives. The funds allocated to the PAC are yet to be determined. Stand With Crypto’s chief strategist, Nick Carr, stated that the goal is to endorse and support candidates who protect the rights of their advocates. The project has previously hosted a forum for presidential candidates and campaigned for crypto-friendly legislation. It also assesses lawmakers on a grading scale and recommends candidates for various positions. Other crypto-focused PACs, including Fairshake and its affiliates, have raised over $100 million to support candidates who favor digital asset policies. The upcoming U.S. election will determine the control of the House of Representatives, the Senate, and the presidency. One notable race is the fight for the Massachusetts Senate seat, with Republican John Deaton advocating for crypto users against Democrat Elizabeth Warren’s anti-crypto views. Individuals supporting a PAC are limited to donating a maximum of $5,000, potentially providing Stand With Crypto with up to $2.2 billion. In contrast, Super PACs can accept unlimited contributions from corporations. Coinbase has made significant donations to Fairshake and its affiliates.
Political action committee launched by Coinbase's Stand With Crypto