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MoonPay Backs Coinbase’s Stand With Crypto Initiative for U.S. Election Support

Moonpay 274

Cryptocurrency payment service MoonPay has joined forces with Coinbase’s Stand With Crypto initiative, pledging support to bolster pro-crypto political candidates ahead of the upcoming U.S. elections.

In an announcement today, MoonPay CEO Ivan Soto-Wright revealed the company’s contribution to Stand With Crypto, emphasizing the pivotal role of the elections in shaping the cryptocurrency landscape in the United States.

“Our donation to Stand With Crypto reflects our commitment to advocating for a clear regulatory framework that promotes innovation while safeguarding consumers,” stated Soto-Wright.

The undisclosed contribution from MoonPay arrives shortly after Stand With Crypto launched a political action committee (PAC) aimed at rallying support from its 450,000-strong membership base for candidates aligned with pro-crypto policies.

Nick Carr, chief strategist of Stand With Crypto, highlighted the PAC’s objective of endorsing and supporting candidates who champion the rights of cryptocurrency enthusiasts throughout the electoral process.

Coinciding with Coinbase’s ongoing efforts to engage with financial regulators, the establishment of Stand With Crypto underscores the exchange’s proactive approach to shaping cryptocurrency legislation in the U.S.

This initiative follows Coinbase’s legal skirmishes with the U.S. Securities and Exchange Commission (SEC), which accused the exchange of violating securities laws. Despite recent legal victories, Coinbase faces continued legal challenges, including allegations of investor deception.

Coinbase’s foray into political advocacy marks a significant shift from its previous stance of maintaining an apolitical culture. CEO Brian Armstrong previously emphasized the company’s focus on its mission, steering clear of political entanglements.

As the cryptocurrency industry increasingly intersects with politics, MoonPay’s support for Coinbase’s Stand With Crypto initiative underscores the sector’s growing influence in shaping regulatory frameworks.

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