Stand With Crypto, a rapidly expanding group of cryptocurrency enthusiasts, has announced its venture into campaign financing by establishing a political action committee (PAC). Chief Strategist Nick Carr revealed that this new PAC will support congressional candidates who align with its vision. Initially, the PAC will back five candidates competing for seats in both the U.S. House of Representatives and Senate. However, contributions will only commence once member donations fill the PAC’s funds, with each member’s contribution capped at $5,000.
The organization, founded in August 2023 by Coinbase CEO Brian Armstrong, has already amassed a membership exceeding 443,000. Beyond the PAC, Stand With Crypto has raised over $86 million for advocacy, including events and forums aimed at increasing cryptocurrency and blockchain awareness.
Unlike other crypto campaign efforts typically dominated by large digital asset companies, Stand With Crypto’s PAC will contribute directly to political candidates. This approach ensures that funds directly support candidates who show a strong commitment and understanding of cryptocurrency and blockchain technologies in the U.S.
Political Endorsements and Contributions
Among the first endorsed by the new PAC is Eddy Morales, a Democrat city councilman from Oregon. Morales is known for advocating the potential of emerging technologies like AI and blockchain to revolutionize economic participation. He is currently preparing for a congressional primary. Another notable endorsement is Troy Downing, a Republican from Montana and the state’s securities regulator, who is also pursuing a House seat.
The PAC also supports other familiar names in the crypto advocacy space, including Alabama Democrat Shomari Figures; Rep. Jim Banks, a Republican from Indiana; and West Virginia Governor Jim Justice, all of whom have previously received backing from crypto-focused PACs. These endorsements reflect Stand With Crypto’s ongoing strategy to influence U.S. policy favorably towards blockchain and cryptocurrency innovations by supporting key political figures.
Moving forward, the organization plans to continue evaluating and endorsing candidates based on their support for cryptocurrency advancements, thereby significantly shaping the legislative landscape surrounding blockchain technologies in America.