Stand With Crypto, a newly formed Political Action Committee (PAC), is gaining momentum in advocating for the interests of the cryptocurrency community. The PAC aims to represent the views and concerns of crypto enthusiasts in the political sphere, promoting policies that support the growth and innovation of digital currencies. With the increasing importance of cryptocurrency in today’s economy, Stand With Crypto is positioning itself as a key player in shaping legislative decisions that impact the industry.
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A nonprofit group called Stand With Crypto has reportedly established a political action committee (PAC) to back candidates who support cryptocurrency and blockchain technology. The new PAC aims to raise funds from Stand With Crypto’s 440,000 members, as per a Reuters report. Chief strategist Nick Carr mentioned that the goal is to endorse and support candidates who defend the rights of Stand With Crypto advocates during the upcoming elections.
Various crypto-focused super PACs, including Fairshake, Defend American Jobs, and Protect Progress, have collectively raised $110 million for the current election cycle. These super PACs have emerged as top fundraisers in the 2024 elections, trailing only behind Ron DeSantis’ presidential campaign and the super PAC supporting Democratic Senate candidates.
Public Citizen, a nonprofit consumer advocacy organization, highlighted that only one crypto-backed candidate out of six primaries has lost, with eleven primary races involving crypto-backed candidates still ongoing. The crypto super PACs intend to invest in general election Senate races in key battleground states like Ohio and Montana.
In a previous report, it was revealed that crypto-focused super PACs spent over $13 million on the March 5 Super Tuesday primary contests in Texas, California, and Alabama. The crypto community’s active involvement in politics aims to influence races in line with their agenda and vision.
Additionally, cryptocurrency companies have significantly increased their lobbying efforts in Washington, with digital asset firms spending $18.9 million on lobbying in the first three quarters of 2023. The Blockchain Association CEO, Kristin Smith, emphasized the importance of engaging policymakers and building relationships to establish a practical regulatory framework.
Stand With Crypto previously organized an event in Washington with 50 crypto founders to advocate for legislative clarity in line with their goals. The crypto sector continues to engage with policymakers and lobby for favorable regulations to support the industry’s growth and innovation.
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1. What is Stand With Crypto Forms Political Action Committee?
Stand With Crypto Forms Political Action Committee is a group that advocates for policies that support cryptocurrencies and blockchain technology.
2. How can I get involved with Stand With Crypto Forms PAC?
You can get involved by signing up for their newsletter, donating to their cause, or attending their events and fundraisers.
3. What kind of policies does Stand With Crypto Forms PAC support?
Stand With Crypto Forms PAC supports policies that promote innovation and adoption of cryptocurrencies, as well as regulations that are favorable to the crypto industry.
4. How does Stand With Crypto Forms PAC work to achieve its goals?
Stand With Crypto Forms PAC works by lobbying lawmakers, raising awareness about the benefits of cryptocurrencies, and supporting candidates who align with their values.
5. Is my donation to Stand With Crypto Forms PAC tax deductible?
Donations to Stand With Crypto Forms PAC are not tax deductible, as PACs are not considered charitable organizations.
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Keean Kolbel