Digital asset advocacy group Stand With Crypto has taken a bold step into the political arena by launching its own political action committee (PAC) aimed at supporting pro-crypto politicians in the upcoming November 2024 elections. The move signals a growing effort within the crypto community to influence policy and legislation to foster a favorable environment for digital assets.

According to a Reuters report, Stand With Crypto's Chief Strategist Nick Carr outlined the PAC's mission to endorse and support candidates committed to protecting the rights of crypto advocates. With nearly 450,000 members, the organization aims to mobilize support for candidates who prioritize crypto-friendly policies.

The PAC has already thrown its weight behind a diverse range of political candidates, including Congressional hopefuls Eddy Morales (D-OR), Shomari Figures (D-AL), and Troy Downing (R-MT), as well as Senatorial candidates Jim Justice (R-WV) and Jim Banks (R-IN). By supporting candidates from both sides of the political spectrum, Stand With Crypto seeks to build bipartisan momentum for the advancement of digital assets.

The launch of Stand With Crypto's PAC comes at a critical juncture, as recent data from the Digital Currency Group (DCG) indicates that crypto is emerging as a key issue for one in five voters in swing states ahead of the 2024 elections. This growing recognition of crypto's significance underscores the need for proactive engagement with political candidates and policymakers.

In the presidential race, the PAC is backing both Donald Trump and Robert Kennedy, both of whom have demonstrated pro-crypto stances in the past. Trump's recent announcement to accept digital asset donations for his campaign aligns with his favorable disposition towards crypto, while Kennedy has advocated for blockchain technology as a transformative force in governance.

However, the PAC has taken a critical stance against current President Joe Biden, assigning him an 'F' rating for his stringent approach to digital assets. Biden's veto of H.J. Res. 109, proposed by representatives Mike Flood (R-NE) and Wiley Nickel (D-NC) to challenge the SEC's SAB 121, has drawn criticism from pro-crypto lawmakers. The SEC's regulatory framework has faced opposition for its potential to stifle innovation and hinder the growth of the crypto industry.

As Stand With Crypto ramps up its political efforts, it underscores the increasing importance of advocacy and engagement within the crypto community to shape favorable regulatory outcomes. With the 2024 elections on the horizon, the PAC's initiatives aim to amplify the voice of crypto supporters and drive meaningful change in policymaking.