Since its inception, the Stand With Crypto PAC has raised $14,000, not $179 million
In May, Coinbase's Stand With Crypto project announced the formation of a political action committee (PAC) to support candidates running in the 2024 US election.
About two months later, the website announced on its landing page that nearly $179 million had been “donated by crypto activists.” Most of these funds never went to the PAC.
According to Federal Election Commission (FEC) filings, Stand With Crypto PAC received more than $13,690 in contributions between April 1 and June 30. These contributions came from only seven individuals, many directly connected to Coinbase, Chief Policy Officer Faryar Shirzad and Head of US Policy Cara Calvert.
The amount of donations may surprise many in the crypto community, as digital asset-focused PACs have spent millions of dollars to support candidates in the 2024 race. At its inception, Stand Wise Crypto reported that its PAC had nearly 450,000 members, some of whom have contributed more than $86 million to support pro-crypto initiatives around the country.
More than $179 million has been donated by 1.3 million crypto advocates at the time of the project's publication, with nearly $178 million going directly to the Fairshack PAC. The committee and its allies, Protect Growth and Protect American Jobs, were responsible for funding attack ads, media buys and other candidates in congressional races.
About $1.49 million of the $179 million went to the project, Stand With Crypto reported — not the Stand With Crypto PAC, which is a separate entity in terms of contributions. In a response on July 19 X, the project said these funds went to Stand With Crypto's non-profit arm.
According to FEC guidelines, a nonprofit organization registered as a 501(c)(4) in the U.S. cannot primarily support a candidate or political party and must not 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
It seems that many voters are thinking about crypto and blockchain during the 2024 election season. Funded by digital asset leaders and advocates, PACs support candidates they believe are beneficial to the industry or buy ads attacking those who have previously spoken out against the technology.
In March, Rep. Katie Porter of California lost her first race for U.S. Senate after a Fairshake ad contained claims about her campaign contributions. In April, the Protect Progress PAC endorsed two Democratic candidates who won the Alabama and Texas primaries. In July, Protect Growth and Protect American Jobs used more than $2 million to support Democratic and Republican candidates running for congressional seats in Arizona ahead of the state's primary election.
Related: Vitalik Buterin warns politicians who claim to be ‘pro-crypto'
The United States, especially in She is heading into a divisive presidential election in 2024 between Democratic candidate Kamala Harris and Republican candidate Donald Trump. On July 13, Trump survived an assassination attempt at a rally in Pennsylvania.
Despite calls to tone down talk of violence after the attack, many Republican National Convention attendees offered unconfirmed rumors aimed at Democrats and President Joe Biden. In the middle of the convention, Ryan Selkis announced his resignation as CEO of Messari after a series of tweets attacking immigrants and supporting calls for civil war in America.
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