2024

United

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Donald Trump

United States-based cryptocurrency exchange Coinbase’s project advocating for “common-sense” digital asset regulation has launched a political action committee (PAC).
In a May 10 announcement on X, Coinbase’s Stand With Crypto project revealed it has&nbsp;<a href="https://twitter.com/standwithcrypto/status/1788950211252891790" target="_blank" rel="noopener nofollow">launched</a> a PAC for roughly 450,000 members to contribute to candidates running in the 2024 U.S. elections. The initiative, <a href="https://cointelegraph.com/news/crypto-community-split-on-coinbase-nft-s-push-for-sensible-crypto-policy">launched by Coinbase</a> in 2023, reported on its website that users had donated more than $86 million toward supporting pro-crypto initiatives in the country. It’s unclear how much, if any, these funds will go toward the PAC.
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” <a href="https://www.reuters.com/world/us/crypto-group-with-440000-members-launches-pac-target-house-senate-elections-2024-05-10/" target="_blank" rel="noopener nofollow">said</a> Stand With Crypto chief strategist Nick Carr, according to a Reuters report.
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Since its launch, the crypto advocacy group has <a href="https://cointelegraph.com/news/coinbase-crypto-presidential-forum">hosted a forum</a> for U.S. presidential candidates — before Donald Trump was the presumptive Republican Party nominee — and <a href="https://cointelegraph.com/news/coinbase-stand-with-crypto-washington-dc-lobbying">campaigned for D.C. lawmakers</a> to support crypto-friendly legislation. The project grades <a href="https://cointelegraph.com/news/crypto-voters-united-states-harris-poll">lawmakers running in 2024</a> on an A to F scale, with recommended candidates including Republican Bernie Moreno for Ohio’s Senate race and Democrat Shomari Figures for one of Alabama’s congressional seats.
Election day in the U.S. is roughly six months away, when voters will determine which political party controls the House of Representatives, the Senate and the presidency. Crypto-focused PACs — including Fairshake and its affiliates, Defend American Jobs and Protect Progress — have <a href="https://cointelegraph.com/news/super-pac-affiliates-fundraise-crypto-candidates">raised more than $100 million</a> to support candidates favoring digital asset policies. 
Related: <a href="https://cointelegraph.com/news/coinbase-political-initiative-features-lawmaker-admited-ethics-violations">Coinbase political initiative features US lawmaker who admitted to ethics violations</a>
Among the races with outspoken pro- and anti-crypto candidates includes the fight over the Massachusetts Senate seat currently held by Democrat Elizabeth Warren. Republican John Deaton, an attorney who has <a href="https://cointelegraph.com/news/john-deaton-senator-elizabeth-warren-massachusetts">advocated for crypto users</a> in several lawsuits, has pushed back against Senator Warren’s anti-crypto views while in office.
“Eleven primary races that include crypto-backed candidates remain,” Rick Claypool, a researcher at Public Citizen, <a href="https://twitter.com/RickClaypool/status/1787461411137814886" target="_blank" rel="noopener nofollow">said</a> in a May 6 X post. “Then it’s onto the general election, where narrow majorities mean super PAC spending can tip congressional control.”
According to Federal Election Commission rules, individuals <a href="https://www.fec.gov/help-candidates-and-committees/candidate-taking-receipts/contribution-limits/" target="_blank" rel="noopener nofollow">supporting</a> a PAC are limited to donations of no more than $5,000, potentially giving Stand With Crypto up to $2.2 billion at its current membership. In contrast, Super PACs can accept unlimited contributions from corporations. Coinbase has donated millions to Fairshake and its affiliates.
Magazine: <a href="https://cointelegraph.com/magazine/opinion-republican-crypto-maxis-democrat-anti-crypto-army-mchenry-warren/">Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’</a>

Coinbase’s Stand With Crypto launches political action committee

Cointelegraph

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