MoonPay to fund crypto-friendly candidates in US elections

Crypto payments infrastructure firm, MoonPay, has pledged a $1 million donation to Stand With Crypto, a political advocacy group established by cryptocurrency exchange, Coinbase. This non-profit organization supports bipartisan, crypto-friendly politicians in Congress, with the aim of encouraging clearer regulation for the cryptocurrency industry in the United States.

MoonPay’s contribution to Stand With Crypto is a strategic move to support elected officials who will work towards creating a clear, purpose-built regulatory framework for the cryptocurrency industry.

Crypto and the 2024 election

Stand With Crypto’s political action committee (PAC) plans to fund candidates from both major parties in the upcoming House and Senate elections. With a membership base of 440,000, the group is set to make a significant impact. Federal Election Commission records show that other crypto-focused super PACs, including Fairshake, Defend American Jobs, and Protect Progress, have raised over $110 million this election cycle.

Increasing crypto influence in U.S. politics

This move by MoonPay and Stand With Crypto is part of the crypto industry’s broader effort to influence U.S. political outcomes amid heightened regulatory scrutiny. Stand With Crypto differs from super PACs by directly collecting and distributing funds to candidates, allowing closer cooperation with campaigns, though subject to stricter donation caps.

The PAC supports a diverse range of candidates, including Jim Banks, a Republican Senate candidate in Indiana; Jim Justice, a Republican Senate candidate in West Virginia; Shomari Figures, a Democrat running for Alabama’s Second District; Eddy Morales, a Democrat running for Oregon’s Third District; and Troy Downing, a Republican candidate for Montana’s Second District.

Conclusion

As the 2024 election approaches, the crypto industry is making its presence felt in U.S. politics. With significant funding from companies like MoonPay, crypto-friendly candidates are receiving the support they need to push for clearer regulation in the cryptocurrency industry. This could potentially shape the future of crypto in the United States, making it a key issue to watch in the upcoming elections.