MoonPay, a well-known cryptocurrency payment service, has promised to give $1 million to the digital advocacy group Stand With Crypto before the highly expected 2024 elections. This big step shows how cryptocurrency and politics are becoming more connected.
According to Bitcoin Today on Monday, MoonPay confirmed the gift. They also stressed how important the upcoming elections will be in deciding how the cryptocurrency business in the US will be controlled. “Today, two things are abundantly clear: this year’s election will define the future of our industry in the United States, and it is our responsibility to step up and stand alongside those organizations that want to advance crypto innovation for everyone positively,” MoonPay said in a post.
MoonPay’s Regulatory Stance and Contribution
MoonPay was started in 2019 by Ivan Soto-Wright and Victor Faramond. The company has decided to contribute because it thinks regulations are putting increasing pressure on the blockchain business. This move is in line with MoonPay’s promise to support efforts to create a clear legal framework that encourages crypto innovation while protecting consumers.
Not long ago, Stand With Crypto started its political action committee (PAC) to help pro-crypto candidates for office across the United States. This news comes not long after that.
“In solidarity with Stand With Crypto, we are supporting elected officials to create a clear regulatory framework for crypto that fosters innovation while protecting consumers,” MoonPay said in its press release.
Stand With Crypto has already backed several election candidates this year. For Congress, these are Eddy Morales (D-OR), Shomari Figures (D-AL), and Troy Downing (R-MT). For the Senate, these are Jim Justice (R-WV) and Jim Banks (R-IN). Nick Carr, the Chief Strategist for the group, made it clear that the goal was to support and promote candidates who would protect crypto supporters’ rights during the election season.
MoonPay made a big gift on Monday, which shows that the company cares about politics in the US. It was big news last year when MoonPay’s CEO, Ivan Soto-Wright, gave $500,000 to Miami Mayor Frances Suarez through an LLC linked to MoonPay’s founder. Someone then complained to the Federal Election Commission that the move might have broken the rules about “straw donors.” This led to a lot of discussion.
As tensions rise ahead of the 2024 U.S. presidential election, new studies show that Obama and Trump, the Republican frontrunner, are not far apart in the race. Trump has recently changed his mind about digital assets and now supports them more. His team has also said it will accept donations in cryptocurrency. This is not the same as Biden’s support for tighter rules in this area.
Given the current political situation, MoonPay’s important addition to Stand With Crypto shows how supporting cryptocurrencies is becoming more important in the U.S. as people try to figure out how technology, rules, and election results connect.
