Crypto Group With 440,000 Members Launches PAC to Target House and Senate Elections

Super PACs Fairshake, Defend American Jobs and Protect Progress have raised more than $110 million so far this election cycle, according to Federal Election Commission records.

The involvement in this year’s election comes as the industry faces some scrutiny after FTX founder Sam Bankman-Fried was found guilty last year of stealing from customers. Prosecutors allege he used those funds to donate more than $100 million to U.S. political campaigns.

PACs like Stand With Crypto are typically set up to raise money for candidates or political causes; they differ from super PACs, which can receive unlimited size donations but cannot coordinate directly with campaigns.

Supporters include Jim Banks, a Republican running for Senate in Indiana; Jim Justice, a Republican running for Senate in West Virginia; Shomari Figures, a Democrat running to represent Alabama’s second district; Eddy Morales, a Democrat running to represent Oregon’s third district; and Troy Downing, a Republican running to represent Montana’s second district.

“The goal is to support candidates and support candidates who are protecting the rights of our Stand With Crypto supporters throughout the month of November,” Nick Carr, chief strategist at Stand With Crypto, told Reuters.

The cryptocurrency industry says it is already playing a role in this election cycle.

The Crypto Defend American Jobs super PAC claimed victory after four endorsed candidates won in Indiana’s primary Tuesday, including Banks and Mark Messmer, a Republican running to represent the state’s 8th District.

(Reporting by Stephanie Kelly; Editing by Heather Timmons and Jamie Freed)

Disclaimer: This report is automatically generated by Reuters news service. ThePrint assumes no responsibility for its content.

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