- Crypto nonprofit launches PAC.
- Group plans to back crypto-friendly candidates.
- Stand With Crypto looks to retain innovation in US.
Crypto nonprofit Stand With Crypto has launched a PAC, or political action committee, with more than 460,000 members to raise funds to back crypto-friendly politicians in November elections..
The group says its goal is to mobilise the 52 million American crypto owners into a political force to help retain crypto innovation in the US.
Doing so would secure 4 million jobs over the next seven years by preventing the shift of web3 development overseas, the group said. It would also increase the US share of web3 developers by attracting and retaining talent, reversing a current decline.
Coinbase, Gemini, Blockchain.com and other crypto companies were identified as partners on Stand With Crypto’s website.
The website also features a slate of favoured and opposed candidates.
Crypto super PAC Fairshake and its network of affiliates had $78 million banked by the end of 2023 for the forthcoming elections.
Unlike PACs, super PACs are not allowed to use “funds to make contributions, whether direct, in-kind or via coordinated communications, to federal candidates or committees,” according to the Federal Elections Commission.