The advocacy group said it will begin officially endorsing political candidates for “common-sense crypto policy” in the U.S. Senate and House of Representatives.
United States-based cryptocurrency exchange Coinbase’s project advocating for “common-sense” digital asset regulation has launched a political action committee (PAC).
In a May 10 announcement on X, Coinbase’s Stand With Crypto project launched a PAC for roughly 450,000 members to contribute to candidates running in the 2024 U.S. elections. The initiative, launched by Coinbase in 2023, reported on its website that users had donated more than $86 million toward supporting pro-crypto initiatives in the country — it’s unclear how much, if any, these funds will go toward the PAC.
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” said Stand With Crypto Chief Strategist Nick Carr, according to a Reuters report.