- Exodus announced its $1.3M donation to the bipartisan advocacy group Stand With Crypto to support pro-crypto candidates in the US elections.
- Stand With Crypto promotes crypto regulations, including the Financial Innovation and Technology for the 21st Century Act (FIT21).
- Stand With Crypto claims it has amassed $180M in donations from over 1.4M crypto advocates.
Crypto wallet provider Exodus donated $1.3M to political action committee Stand With Crypto to advocate for crypto-friendly lawmakers in the US.
Read on to learn more about what the donation means to the crypto space.
$1.3M Donations to Crypto Advocacy Group
Stand With Crypto is a bipartisan advocacy group promoting political and educational awareness ahead of the US presidential election. US-based crypto exchange Coinbase launched the Stand With Crypto political action committee (PAC) in May.
Stand With Crypto Alliance endeavors to garner US politicians’ support for the crypto industry. The alliance has a database of more than 1,000 politicians, grading them on their level of support for crypto. Reports from the Federal Election Commission showed that PAC only received $13,690 in donations by June 30, although the organization’s website claimed it accrued over $180M.
Political Donations Influence the US Elections?
The two presidential candidates are now in a neck-to-neck race. According to Polymarket, odds for Democratic nominee Kamala Harris winning the US presidential election are now at 50%, a 2-point lead over Donald Trump.
John Anzalone, a former pollster for President Joe Biden and former President Barack Obama, said that crypto voters could determine the November election’s outcome.
Key Takeaways
The crypto industry has been trying to influence the US presidential election by supporting candidates with a pro-crypto stance.
Both presidential candidates have made their public remarks on crypto. With only 40 days until the election, do crypto voters have enough power to determine the outcome? We’ll have to wait and see.
References
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
