Nonprofit pro-cryptocurrency group Stand With Crypto has formed a political action committee (PAC) to support candidates who are encouraging of cryptocurrency and blockchain developments in the upcoming US elections.
Stand with Crypto has 440,000 members, and aims to raise funds for pro-crypto candidates’ campaigns. Other crypto-focused PACs Fairshake, Defend American Jobs, and Protect Progress have raised $110 million this election season according to a report.
The report also stated that 8 corporate crypto super PAC donors have alleged violations of securities legislation, and are settled or are currently facing charges by the Securities and Exchange Commission.
After Sam Bankman-Fried allegedly used money stolen from disgraced cryptocurrency firm FTX to fund 2022 election campaigns, which has garnered suspicion surrounding the political influence the crypto sector now holds in the US political environment.
