A digital asset nonprofit backed by crypto exchange Coinbase is reportedly launching a Political Action Committee (PAC) to support crypto-friendly candidates.
According to a new report from Reuters, Stand With Crypto, a group with 440,000 members, is launching a PAC to support bipartisan politicians running for Senate or House of Representatives.
Some of the PAC’s endorsed candidates 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 of Representatives. Delegates in Alabama and Oregon, respectively.
Also represented is Troy Downing, a Republican running for Montana’s second district, the report said.
As Nick Carr, chief strategist at Stand With Crypto, tells Reuters:
“The goal is to endorse and support candidates who will protect the rights of our Stand With Crypto advocates throughout November.”
PACs differ from Super PACs because they cannot receive donations of unlimited size, but they can coordinate directly 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 lawmakers who “strongly support” crypto and gave them an A score.
Additionally, the advocacy group identified two others — Democrat Sen. Elizabeth Warren of Massachusetts and Democrat Sen. Sherrod Brown of Ohio — as “strongly opposed” to virtual currencies, giving them an F score.
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