Reuters reported that a cryptocurrency nonprofit has launched a new political action committee (PAC) to raise money from its 440,000 members for crypto-friendly politicians.

"It is endorsing a bipartisan slate of candidates running in the House of Representatives and the Senate," the international news agency said. "Stand With Crypto's PAC joins a deep-pocketed effort from the cryptocurrency industry to elect political candidates committed to supporting crypto and blockchain."

A United Front Against Offshoring Innovation

The initiative seeks to prevent the offshoring of web3 development by endorsing candidates committed to fostering innovation within the U.S.

With partners like Coinbase, Gemini, and Blockchain.com, Stand With Crypto is poised to attract and retain top talent in the web3 space, reversing the current trend of declining U.S. share in global crypto development.

"Our goal is to mobilize the 52 million American crypto owners into a political force," stated the group, highlighting the potential to secure 4 million jobs over the next seven years.

Given the substantial funds at Stand With Crypto's disposal, this mobilization could significantly influence the November elections, including over $86 million in donations for pro-crypto initiatives.

The Battle for Crypto-Friendly Legislation

The PAC has already made its mark in the political arena by hosting forums attended by U.S. presidential candidates and actively campaigning for Congress to support cryptocurrency-friendly legislation.

With the general elections drawing near, the group is backing various candidates, including notable figures Donald Trump and Robert Kennedy, who have expressed pro-crypto sentiments.

The Stakes in the 2024 Elections

As the U.S. approaches a pivotal moment in its political history, the involvement of crypto-focused PACs highlights the growing influence of digital assets in shaping policy and regulation.

Other groups like Fairshake and its affiliates have also raised substantial funds, exceeding $100 million, to support digital asset-friendly policies, indicating a significant shift in how political campaigns may be funded and fought.

A recent survey by the Blockchain Association underscores the increasing interest among voters in key U.S. swing states in supporting politicians who favor digital assets.

With dissatisfaction with the traditional financial system and a positive view of cryptocurrencies as a path to economic security and prosperity, the upcoming elections represent a watershed moment for the crypto industry in the U.S.