Exodus, a prominent crypto wallet provider established in 2015, has made a substantial contribution to the Stand With Crypto Alliance in an effort to gain more political backing for the industry from American voters.
On September 24th, Exodus announced a donation of $1.3 million to the Stand with Crypto political action committee (PAC), with the aim of assisting their mission to educate and mobilize crypto voters throughout the country.
The Stand With Crypto Alliance, which established the PAC in May, asserts that there are 52 million American crypto owners, and it strives to empower them through education and political awareness leading up to the US presidential election on November 5th, just 40 days away.
According to its website, the nonprofit organization has amassed $180 million in donations from 1.49 million crypto enthusiasts. However, the Federal Election Commission’s report indicates that only $13,690 had been directly given to the PAC as of June 30th.
The organization also focuses on advocating for crypto regulations, particularly the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21), which has strong support from Republicans.
Formed in May 2023 by Coinbase, the Alliance possesses a database of over 1,000 politicians, whom it evaluates based on their level of support or opposition to the crypto industry, assigning them a letter grade.
On September 25th, the Alliance updated its politician scorecard and now requires candidates to provide “additional clarity” in order to qualify for a letter grade.
Crypto voters could play a pivotal role in determining the outcome of the November election. Last month, former Joe Biden campaigner John Anzalone stated that crypto “could be a really important swing universe.”
“I don’t care whether you’re a Democrat or a Republican – this is a group that you should talk to as a candidate,” he emphasized, adding, “This is a group that is now gaining strength and has power and has a voice, and that becomes really important.”
In the race between the two presidential candidates, Democrat Kamala Harris and Republican Donald Trump, the margin couldn’t be tighter. According to the crypto prediction platform Polymarket, Harris currently holds a narrow lead of 50% compared to Trump’s 48%.
Trump has repeatedly expressed his support for the crypto industry, even using Bitcoin to purchase burgers at a New York bar on September 18th.
Meanwhile, Harris has recently indicated her willingness to support innovation and implement clear regulations for digital assets.
Bitcoiners have been heavily favoring Trump since Bitcoin’s 2023 halving event, but this strategy is becoming increasingly risky, according to a prominent magazine.