The Stand With Crypto project in May revealed it had launched a political action committee (PAC) to support candidates running in the 2024 United States elections.
Of the more than $179 million the project reported had been donated by roughly 1.3 million crypto advocates at the time of publication, roughly $178 million went directly to the Fairshake PAC. The committee and its affiliates, Protect Progress and Defend American Jobs, have been responsible for funding attack ads, media buys and other support for candidates in congressional races.
According to FEC guidelines, a nonprofit registered as a 501(c)(4) in the US cannot primarily support one candidate or political party and does not have to disclose its donors. Cointelegraph reached out to Stand With Crypto for comment but did not receive a response at the time of publication.
Crypto in politics
Many voters seem to be thinking about crypto and blockchain in the 2024 election season. PACs funded by digital asset leaders and advocates support candidates they consider beneficial to the industry or buy ads attacking those who have previously spoken out against the technology.
In July, Protect Progress and Defend American Jobs used more than $2 million combined to support Democratic and Republican candidates running for congressional seats in Arizona ahead of the state’s primaries.