In a bid to boost optimism within America’s digital assets landscape, a cryptocurrency nonprofit organization called Stand With Crypto has recently unveiled a new political action committee (PAC) aimed at boosting pro-crypto U.S. politicians. According to a report revealed today, May 10, the NPO sought to raise money from its colossal 440,000-member base, championing a bipartisan slate of candidates running in the House of Representatives and the Senate.

This mover by the nonprofit firm has nabbed significant attention, making headlines throughout the global crypto community. Here’s a closer look into the report.

Stand With Crypto’s PAC: A Closer Look

The PAC introduced by Stand With Crypto is a clear and determined effort by the crypto industry to advocate for U.S. candidates committed to promoting digital assets and blockchain adoption nationwide. In light of this, a recent report by the United States Federal Election Commission further shows that pro-crypto PACs nationwide, including Fairshake, Defend American Jobs, and Protect Progress, have raised over $110 million to date this election cycle.

The colossal amount raised underscores the rising public interest orbiting crypto in America, with people leaning towards more digital asset-friendly regulations for the future. Meanwhile, this development has also raised contrasting sentiments, coming in tandem with the heightened scrutiny of the sector due to FTX’s Sam Bankman’s recent conviction.

Following Bankman’s embezzling of customer funds, prosecutors claimed that he diverted those funds to donate over $100 million to political campaigns in the United States. This has further sent tongues wagging nationwide.

Also Read: Binance, KuCoin Becomes India FIU-Registered Crypto Exchanges

American Politicians Siding With Digital Assets?

Amidst the abovementioned efforts to support crypto-friendly candidates, another renowned American politician has recently made headlines. Donald Trump, the Republican nominee for the 2024 U.S. Presidential Elections, has publicly supported cryptocurrencies, underscoring his determination to offer seamless digital asset trading experiences nationwide.

Despite calling Bitcoin a scam in 2021, Trump’s recent shift towards these assets might be a strategic mover to lead elections. Nonetheless, a recent report by CoinGape Media revealed that Trump’s re-election may bring a price rally in Bitcoin, injecting hope across the U.S. crypto market.

Also Read: South Korea Unveils Regulation To Initiate Major Crypto Delisting

The post Crypto Nonprofit Group Builds PAC To Back Pro-Crypto US Politicians appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am