Exodus, a prominent crypto wallet provider founded in 2015, has contributed $1.3 million to the Stand With Crypto Alliance’s political action committee (PAC) to bolster its campaign aimed at educating and mobilizing American crypto voters. The donation, announced on September 24, is a strategic move to influence political support for the crypto industry ahead of the United States presidential election scheduled for November 5.
Supporting Crypto Awareness and Political Engagement
The Stand With Crypto Alliance, which established the PAC in May, asserts that there are 52 million crypto owners in the U.S. The group’s mission is to empower these individuals through education and political awareness, particularly as the presidential election approaches.
Donation Impact
- Educational Outreach: The funds are intended to support the alliance’s educational initiatives.
- Voter Mobilization: Aiming to activate crypto voters to participate actively in the upcoming elections.
Despite claiming on its website to have raised $180 million from 1.49 million crypto advocates, Federal Election Commission records indicate that only $13,690 had been directly allocated to the PAC as of June 30.
Advocacy for Crypto Regulation
The Stand With Crypto Alliance also focuses on advocating for favorable crypto regulations, including the support for the “Financial Innovation and Technology for the 21st Century Act” (FIT21), which has garnered bipartisan backing in Congress.
- Database of Politicians: The organization maintains a database of over 1,000 politicians, grading them based on their support for the crypto industry.
- Scorecard Updates: On September 25, the alliance updated its politician scorecard, now requiring “additional clarity” from candidates to qualify for a letter grade.
The significance of crypto voters in the upcoming election cannot be understated. Last month, former Joe Biden campaign strategist John Anzalone emphasized the potential impact of this demographic:
“I don’t care whether you’re a Democrat or you’re a Republican — this is a group that you should talk to as a candidate. This is a group that is now gaining strength and has power and has a voice, and that becomes really important.”
Presidential Candidates’ Stances on Crypto
The presidential race features Democratic Party contender Vice President Kamala Harris and Republican Party contender former President Donald Trump, with the contest appearing extremely tight.
Candidate Positions on Crypto
- Donald Trump: Known for his support for the crypto industry, Trump notably used Bitcoin to purchase burgers at a New York bar on September 18, signaling his ongoing endorsement of digital currencies.
- Kamala Harris: Recently, Harris has articulated a willingness to support innovation and implement clear regulations concerning digital assets.
According to the crypto prediction platform Polymarket, Harris holds a slight lead with 50% compared to Trump’s 48%.
The intersection of cryptocurrency and politics is becoming increasingly significant as crypto owners emerge as a pivotal electorate group. With substantial financial backing like Exodus’ donation, the Stand With Crypto Alliance is poised to play a crucial role in shaping the political landscape in favor of the crypto industry. This movement not only underscores the growing influence of digital currencies in mainstream economic and political spheres but also highlights the nuanced positions of key political figures regarding the future of technology and regulation in the digital age.
Featured image credit: Freepik
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