MoonPay, a leading crypto payments infrastructure firm, has made a substantial contribution of $1 million to Stand With Crypto, an advocacy group spearheaded by the renowned crypto exchange Coinbase. The donation underscores MoonPay's commitment to advancing clearer crypto regulation in the United States.

Stand With Crypto, a non-profit organization, is dedicated to supporting bipartisan, crypto-friendly politicians in Congress. Its primary objective is to advocate for transparent and effective regulation of the crypto industry in the United States.

In a statement shared with The Block, MoonPay CEO Ivan Soto-Wright emphasized the pivotal role of the upcoming elections in shaping the future landscape of the crypto industry in the United States. He underscored the responsibility of industry stakeholders to align themselves with organizations genuinely committed to driving positive change and innovation in the crypto space.

Coinbase initiated Stand With Crypto in August 2023, with the group recently unveiling its Political Action Committee (PAC) on May 10, 2024, as previously reported by The Block.

The influence of crypto in the political sphere is becoming increasingly apparent, even with several months remaining until the November elections. Entrepreneur Mark Cuban highlighted in commentary on X that crypto has become a significant factor for younger and independent voters, suggesting that "crypto voters will be heard this election." Cuban further speculated that crypto regulation, overseen by Securities and Exchange Commission Chair Gary Gensler, could impact President Joe Biden's re-election prospects. He suggested that Congress might need to pass crypto-specific regulations or transfer crypto oversight to the Commodity Futures Trading Commission to bolster Biden's chances of re-election.

Meanwhile, former U.S. President Donald Trump, currently a Republican presidential candidate, announced his acceptance of cryptocurrency for campaign donations. Furthermore, memecoins associated with both Biden and Trump experienced rallies in early May.

The significant donation from MoonPay to Stand With Crypto underscores the growing intersection of crypto and politics, highlighting the industry's efforts to shape regulatory outcomes in the United States.