Coinbase's Stand With Crypto group, formed last year, has started a new PAC to gather funds from its 440,000 members. The money will support politicians friendly to cryptocurrency in the upcoming U.S. elections. The aim is to help candidates who back clear regulations and support innovation in the crypto industry.

The PAC, operating as a nonprofit, seeks to mobilize cryptocurrency owners in the U.S. Its goal is to influence legislation through education and engagement with the public. Candidates supported by the PAC include both Republicans and Democrats running for various positions in Congress.

Stand With Crypto's Chief Strategist, Nick Carr, explained that the focus is on endorsing and supporting candidates who protect the rights of crypto advocates during the elections in November.

Cryptocurrency is increasingly becoming a topic in U.S. elections, with more than 20% of swing state voters seeing it as an important issue. Various super PACs in the crypto industry have raised over $100 million for the 2024 congressional elections. These include contributions from big names like Coinbase, Ripple Labs, Andreessen Horowitz founders, the Winklevoss twins, and Coinbase CEO Brian Armstrong.

Stand With Crypto’s PAC takes a grassroots approach, collecting smaller donations limited to $5,000 from its members. This differs from super PACs, which can receive unlimited contributions but cannot directly coordinate with political campaigns.

In conclusion, Coinbase's Stand With Crypto group has launched a PAC to support crypto-friendly politicians in the U.S. elections. This grassroots effort aims to gather funds from members to influence legislation and promote innovation in the crypto industry.