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Support the cryptocurrency creation political action committee
The non-profit group Support cryptocurrencies has reportedly formed a political action committee (PAC) to support pro-cryptocurrency and blockchain candidates.
New PAC aims to raise funds from Stand With Crypto’s 440,000 members, Reuters reported Friday (May 10).
“The goal is to support candidates and support candidates who protect the rights of our Stand With Crypto supporters throughout November,” Nick Carrchief strategist at Stand With Crypto, said in the report.
Some crypto-focused super PACs, including FairshakeDefending American jobs e Protect progressaccording to the report, they raised a combined total of $110 million for this election season.
That of the crypto sector super PAC they have become one of the top three fundraisers in the 2024 election cycle, behind only super PAC support Ron De Santis‘ failed presidential campaign and one supporting Democratic Senate candidates, a non-profit consumer advocacy organization Public citizen said in a relationship released Monday (May 6).
“Of the six 2024 primaries in which crypto super PACs participated and have now concluded, only one cryptocurrency-backed candidate lost,” Public Citizen said in a Press release about the relationship. “Eleven primary races remain that include cryptocurrency-backed candidates. Crypto super PACs have pledged to invest in general election Senate races in the battleground states of Ohio and Montana.
In March it was reported that it was focused on cryptocurrencies super PAC spent at least $13 million in the March 5 Super Tuesday primaries in Texas, California and Alabama.
“The crypto community is playing politics to win,” Fairshake spokesperson Josh Vlasto said at the time. “We will have influence and impact in races behind candidates who align with our agenda and our vision.”
Cryptocurrency companies also spent record amounts of money lobby for their cause in Washington.
During the first three quarters of 2023, digital asset firms spent $18.9 million on lobbying, up from $16.1 million in 2021, despite the collapse of FTX, which had been one of the largest investors in terms of lobbying.
“Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a common-sense regulatory framework,” Blockchain Association CEO Kristin Smith said in December.
In September, Stand With Crypto hosted an event in Washington alongside 50 cryptocurrency founders to champion legislative clarity aligned with your goals.