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The nonprofit groupStand With Cryptoreportedly formed a political action committee (PAC) to support candidateswho arefriendly to cryptocurrency and blockchain.

The new PAC aims to raise money from Stand With Cryptos 440,000 members, ReutersreportedFriday (May 10).

The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,Nick Carr, chief strategist at Stand With Crypto, said in the report.

Some crypto-focused super PACs, includingFairshake, Defend American Jobs andProtect Progress, have raiseda combined total of$110 million for this election season, per the report.

The crypto sectorssuper PACshave become one of the top three fundraisers in the 2024 election cycle, behind only the super PAC backingRon DeSantis failed presidential campaign and the one backing Democratic Senate candidates, nonprofit consumer advocacy organizationPublic Citizensaid in areportreleased Monday (May 6).

Out of the six 2024 primaries in which crypto super PACs intervened and which are now over, only one crypto-backed candidate has lost, Public Citizen said in apress releaseabout the report. Eleven primary races that include crypto-backed candidates remain. The crypto super PACs have pledged to spend in general election Senate races in the battleground states of Ohio and Montana.

It was reported in March that crypto-focusedsuper PACsspent at least $13 million on the March 5 Super Tuesday primary contests in Texas, California and Alabama.

The crypto community is playing politics to win, Fairshake spokesperson Josh Vlasto said at the time. We will have influence and impact in races behind candidates who align with our agenda andourvision.

Cryptocurrency firms have also been spending record amounts of cash tolobbyfor their cause in Washington.

During the first three quarters of 2023, digital asset companies spent $18.9 million on lobbying a figure that was up from $16.1 million in 2021, despite the collapse of FTX, which had been one of the biggest spenders when it comes to lobbying.

Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework,Blockchain AssociationCEOKristin Smithsaid in December.

In September, Stand With Crypto hosted an event in Washingtonalongwith 50 crypto founders to advocate forlegislative clarityaligned with theirowngoals.

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Stand With Crypto Forms Political Action Committee - PYMNTS.com