MoonPay to fund crypto-friendly candidates in US elections

Crypto payments infrastructure firm MoonPay has contributed $1 million to Stand With Crypto, an advocacy group with a political action committee (PAC) established by cryptocurrency exchange Coinbase.

MoonPay and PayPal team up on crypto purchases

Stand With Crypto is a non-profit organization that supports bipartisan, crypto-friendly politicians in Congress. Its primary goal is to encourage clearer regulation for the cryptocurrency industry in the United States.

“Today, two things are abundantly clear: this year’s election will define the future of our industry in the United States; and, it is our responsibility to step up and stand alongside those organizations that genuinely wish to positively advance this innovation for everyone,” stated MoonPay CEO Ivan Soto-Wright in a statement.

“In solidarity with Stand With Crypto, we are supporting elected officials who will work to create a clear purpose-built, regulatory framework for our industry,” he aaded.

Coinbase launched Stand With Crypto in August 2023. The group unveiled its PAC on May 10, 2024, as previously reported by The Block.

Crypto and the 2024 election

Stand With Crypto PAC plans to fund candidates from both major parties in the upcoming House and Senate elections, drawing on its 440,000 members. According to Federal Election Commission records, other crypto-focused super PACs, including Fairshake, Defend American Jobs, and Protect Progress, have raised over $110 million this election cycle.

This move is part of the crypto industry’s broader effort to influence U.S. political outcomes amid heightened regulatory scrutiny. Stand With Crypto differs from super PACs by directly collecting and distributing funds to candidates, allowing closer cooperation with campaigns, though subject to stricter donation caps.

The PAC supports a diverse range of candidates, including Jim Banks, a Republican Senate candidate in Indiana; Jim Justice, a Republican Senate candidate in West Virginia; Shomari Figures, a Democrat running for Alabama’s Second District; Eddy Morales, a Democrat running for Oregon’s Third District; and Troy Downing, a Republican candidate for Montana’s Second District.

Former President Donald Trump stated that he would accept cryptocurrency for campaign donations. Additionally, memecoins centered around both Biden and Trump saw a rally in early May.