Benzinga – A cryptocurrency nonprofit has launched a political action committee (PAC) with the intent to support crypto-friendly politicians in the 2024 House and Senate elections.
What Happened: “Stand With Crypto,” a cryptocurrency nonprofit, has launched a PAC to raise funds from its 440,000 members to support a bipartisan group of candidates, Reuters reported on Wednesday. This move is part of a broader effort by the crypto industry to elect politicians who support crypto and blockchain.
This involvement comes at a time when the industry is under scrutiny, especially after FTX founder Sam Bankman-Fried was found guilty of stealing from customers.
Unlike super PACs, Stand With Crypto’s PAC is established to collect funds for candidates or political causes and cannot receive donations of unlimited size or coordinate directly with campaigns.
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