Coinbase Unveils Political Action Committee for Crypto Advocacy

Coinbase, a cryptocurrency exchange based in the United States, has announced the launch of a political action committee (PAC) as part of its Stand With Crypto project. The PAC will allow its approximately 450,000 members to contribute to candidates running in the 2024 U.S. elections. Since its inception in 2023, the project has received over $86 million in donations to support pro-crypto initiatives in the country. The funds allocated to the PAC are currently unknown. Stand With Crypto aims to endorse and support candidates who protect the rights of crypto advocates. The project has previously hosted a forum for presidential candidates and campaigned for crypto-friendly legislation. It grades lawmakers running in 2024 on an A to F scale and has recommended candidates such as Republican Bernie Moreno for Ohio’s Senate race and Democrat Shomari Figures for an Alabama congressional seat. Other crypto-focused PACs have raised over $100 million to support candidates with favorable digital asset policies. Notable races include the Massachusetts Senate seat held by Democrat Elizabeth Warren, where Republican John Deaton, an attorney advocating for crypto users, opposes Warren’s anti-crypto stance. The upcoming general election will determine the control of the House of Representatives, the Senate, and the presidency. Stand With Crypto members are limited to donating no more than $5,000 to the PAC, potentially resulting in up to $2.2 billion in funds. In contrast, Super PACs can accept unlimited contributions from corporations. Coinbase has made significant donations to Fairshake and its affiliates.