Stand with Crypto PAC has received $14K since its launch, and not $179; the money from cryptocurrency advocates could play a role in the 2024 election cycle.
Coinbase’s Stand With Crypto initiative, announced in May, disclosed that it had established a political action committee (PAC) to aid candidates in the 2024 United States elections.
The website announced on its landing page approximately two months later that roughly $179 million had been “donated by crypto advocates.” Nevertheless, the majority of these funds were not allocated to the PAC.
The Stand With Crypto PAC received just over $13,690 in contributions from April 1 to June 30, as US Federal Election Commission (FEC) filings indicated. Just seven individuals, including chief policy officer Faryar Shirzad and head of US policy Kara Calvert, made these contributions, many of whom were directly associated with Coinbase.
The donation amount may surprise many in the crypto community, as reports have surfaced of millions of dollars being funneled through digital asset-focused PACs to support candidates in 2024 contests.
At the time of its PAC’s inception, Stand With Crypto reported that it had approximately 450,000 members, some of whom had contributed over $86 million to support pro-crypto initiatives in the country.
Approximately $178 million of the more than $179 million that approximately 1.3 million crypto advocates had donated to the project reported at publication was directly allocated to the Fairshake PAC.
Attack ads, media expenditures, and other forms of support for congressional candidates have been funded by the committee and its affiliates, Protect Progress and Defend American Jobs.
Stand With Crypto reported that the initiative received approximately $1.49 million of the $179 million, as opposed to the Stand With Crypto PAC, which is a distinct entity in terms of contributions. In a July 19 reply on X, the initiative stated that the funds were allocated to the nonprofit organization arm of Stand With Crypto.
A nonprofit organization registered as a 501(c)(4) in the United States is not required to disclose its donors and is prohibited from predominantly supporting one candidate or political party, per FEC guidelines.
Stand With Crypto was contacted by Cointelegraph for comment; however, a response still needs to be received at the time of publication.
The role of cryptocurrency in politics
Cryptocurrency and blockchain appear on the minds of numerous electors during the 2024 election season. PACs funded by digital asset leaders and advocates either support candidates they believe are beneficial to the industry or purchase advertisements that target those who have previously spoken out against the technology.
In March, California Representative Katie Porter lost a primary contest for the US Senate after a Fairshake ad that made allegations regarding her campaign contributions was broadcast. In April, the Protect Progress PAC supported two Democratic candidates who emerged victorious in the primaries of Alabama and Texas.
In July, Protect Progress and Defend American Jobs collectively allocated over $2 million to Democratic and Republican candidates for congressional seats in Arizona in advance of the state’s primaries.
The 2024 presidential election in the United States is expected to be particularly contentious due to the presumptive Democratic nominee, Kamala Harris, and Republican candidate, Donald Trump. Trump survived an apparent assassination attempt at a Pennsylvania rally on July 13.
Despite the calls to reduce the violent rhetoric in the wake of the shooting, numerous citizens and pundits have continued to make controversial statements. Ryan Selkis, for example, announced his resignation as CEO of Messari after a series of tweets that advocated for civil war in the United States and attacked immigrants.
