He launched a project called US-based cryptocurrency exchange Coinbase

US-based cryptocurrency exchange Coinbase, which calls for “common sense” regulation of digital assets, has launched a political action committee (PAC).

In a May 10 announcement on X, Coinbase’s Stand With Crypto project Launched A political action committee with nearly 450,000 members to contribute to candidates running in the 2024 US elections. The initiative, which was launched by Coinbase in 2023, reported on its website that users have donated more than $86 million to support pro-crypto initiatives in the country. — It is unclear how much of that money, if any, will go to the PAC.

“The goal is to endorse candidates and support candidates who protect the rights of Stand With Crypto advocates throughout the month of November,” said Nick Carr, chief strategist at Stand With Crypto, according to a Reuters report.

source: Stand with encryption

Since its launch, the cryptocurrency advocacy group has hosted a forum for US presidential candidates – before Donald Trump was the presumptive Republican Party nominee – and campaigned for DC lawmakers to support cryptocurrency-friendly legislation. The project ranks lawmakers running in 2024 on a scale from A to F, with recommended candidates including Republican Bernie Moreno for a Senate race in Ohio and Democrat Shomari Figgers for one of Alabama’s congressional seats.

We are approximately six months away from Election Day in the United States, when voters will determine which political party will control the House of Representatives, the Senate, and the presidency. Cryptocurrency-focused political action committees, including Fairshake and its affiliates, Defend American Jobs and Protect Progress, have raised more than $100 million to support candidates who favor digital asset policies.

Related: Coinbase’s political initiative involves a US lawmaker who admitted to committing ethical violations

Among the races featuring outspoken pro- and anti-cryptocurrency candidates is the fight for the Massachusetts Senate seat currently held by Democrat Elizabeth Warren. Republican John Deaton, a lawyer who has defended cryptocurrency users in numerous lawsuits, opposed Senator Warren’s anti-crypto views while he was in office.

“There are still eleven primary races that include crypto-backed candidates,” says Rick Claypool, a researcher at Public Citizen. He said In a post dated May 6,

According to Federal Election Commission rules, individuals who support a political action committee are limited to donations of no more than $5,000, which could give Stand With Crypto up to $2.2 billion in its current membership. In contrast, super PACs can accept unlimited contributions from corporations. Coinbase has donated millions to Fairshake and its affiliates.

magazine: Opinion: GOP’s crypto cap is almost as bad as the ‘anti-crypto army’ created by Democrats

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