Coinbase, a leading US-based cryptocurrency exchange, has launched a political action committee (PAC) to champion crypto-friendly candidates in the 2024 elections. The Stand With Crypto PAC, representing over 450,000 members, aims to support candidates who will protect the rights of crypto advocates.

Coinbase's initiative has garnered significant attention, with over $86 million donated on its website to support pro-crypto initiatives in the US. While the exact amount to be transferred to the PAC is unclear, the goal is to back candidates who will safeguard the interests of crypto enthusiasts. The PAC has already hosted a forum for US presidential candidates and campaigned for crypto-friendly legislation among lawmakers.

With six months until election day, the crypto space is keenly watching the US elections, which will determine control of the House, Senate, and presidency. Crypto-focused PACs, including Fairshake and its affiliates, have collected over $100 million in donations to support candidates favoring crypto asset policies. Key races include the Massachusetts Senate seat, where Republican John Deaton, a crypto defender, is challenging incumbent Democrat Elizabeth Warren, a vocal anti-crypto senator. The outcome of these elections could significantly impact the future of crypto regulation in the US.