A nonprofit digital asset advocacy group backed by crypto exchange Coinbase is reportedly launching a Political Action Committee (PAC) to support crypto-friendly candidates.
According to a new report by Reuters, Stand With Crypto, a group with 440,000 members, is launching a PAC to support bipartisan politicians running for Senate or the House of Representatives.
Some of the candidates endorsed by the PAC include Jim Banks and Jim Justice, Republicans running for Senate positions in Indiana and West Virginia, respectively, and Shomari Figures and Eddy Morales, Democrats running for the House in Alabama and Oregon, respectively.
Also represented is Troy Downing, a Republican running to represent Montana’s Second District, according to the report.
As stated by Nick Carr, chief strategist at Stand With Crypto, to Reuters,
“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November.”
PACs differ from Super PACs because they cannot receive donations of unlimited size but are able to directly coordinate with the campaign.
In January, Stand With Crypto identified two politicians – Republican Senator Ted Cruz of Texas and Republican Senator Cynthia Lummis of Wyoming – as being lawmakers who are “strongly supportive” of crypto and gave them an A score.
Furthermore, the advocacy group identified two others – Democrat Senator Elizabeth Warren of Massachusetts and Democrat Senator Sherrod Brown of Ohio – as being “strongly against” virtual currencies, earning them an F score.
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