Stand With Crypto, a digital asset advocacy group, has recently launched its own political action committee (PAC) to support pro-crypto politicians in the upcoming November 2024 elections. The goal of the committee is to endorse and support candidates who are protecting the rights of Stand With Crypto advocates. The group is already backing a diverse group of political candidates, including both Democrats and Republicans running for Congress and the Senate.
The PAC is backed by nearly 450,000 members and has garnered support from various political candidates, including Eddy Morales (D-OR), Shomari Figures (D-AL), Troy Downing (R-MT), and Senatorial candidates Jim Justice (R-WV) and Jim Banks (R-IN). Stand With Crypto’s PAC is endorsing a bipartisan slate of candidates, aiming to raise funds from its large membership base to support crypto-friendly politicians.
Data from the Digital Currency Group (DCG) shows that one in five voters in swing states consider crypto to be a key issue in the 2024 U.S. elections. This highlights the growing importance of digital assets in the political landscape. The PAC has endorsed both Donald Trump and Robert Kennedy in the presidential election, as they have shown support for crypto in the past. Trump recently announced that his campaign will accept digital asset donations, while Kennedy has advocated for virtual currencies.
In contrast, the PAC has given President Joe Biden an ‘F’ rating for his stringent stance against digital assets. Biden recently announced plans to veto a resolution that would challenge the SEC’s controversial SAB 121, which requires banks to list liabilities and corresponding digital assets on their balance sheets. Pro-crypto lawmakers argue that this regulation would introduce financial instability and market uncertainty, as banks have successfully offered custodial services for traditional financial assets for decades.
Stand With Crypto’s PAC aims to continue advocating for pro-crypto policies and candidates in the lead up to the 2024 elections. By mobilizing its large membership base and endorsing candidates who support digital assets, the group hopes to influence the political landscape and protect the rights of crypto advocates. As the importance of digital assets continues to grow, it is crucial for supporters to rally behind candidates who understand and support the crypto industry.
