Exodus Pledges $1.3M to Stand With Crypto Before U.S. Elections
It funds pro-crypto candidates through the United States.
Exodus, a top cryptocurrency wallet provider, is committing $1.3 million to Stand With Crypto, a bipartisan advocacy group that will support pro-crypto candidates through Election Day later this year. The donation, six weeks from the election, will further efforts to educate and mobilize crypto voters worldwide.
Stand With Crypto works with all industry leaders, including Coinbase, for a change in the political landscape to their advantage. So far, the group has raised more than $180 million in crypto-related donations during this election cycle-a demonstration of the growing political heft of the sector.
Expanding Advocacy Efforts
This contribution from Exodus will significantly scale up the campaigns of Stand With Crypto, enabling the group to scale outreach and education. This is in line with the greater aim of the crypto community to ensure that lawmakers and candidates support a regulatory environment that allows digital assets to thrive.
In support of that cause, Exodus has emblazoned a supportive banner for Stand With Crypto on its website, rallying its user base to join in on the movement.
Crypto Money Shaping U.S. Politics
The donation by Exodus is part of a larger trend of crypto companies and advocacy groups increasing their political involvement. Other groups, such as the Fairshake Super PAC, a pro-crypto political action committee, say that they will spend the tens of millions this election season to support 18 congressional candidates. The candidates are evenly split between Republicans and Democrats, in states like Alaska, California, and New York.
Impact on Future Legislation
With increased funding, crypto-friendly politicians can more persuasively argue for legislation and policies that would be favorable to crypto. The influence has been applied, as can be witnessed in the last few months with the passing of the FIT21 bill, which urges a crypto-friendly regulation framework.
As the US heads into the elections, this burgeoning political clout may rewrite the rules of the regulatory landscape, giving a bigger upper hand to candidates and lawmakers who are favorable towards crypto-friendly policies.
