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Exodus, a crypto wallet provider, has donated $1.3 million to Stand With Crypto, a bipartisan advocacy group focused on supporting pro-crypto candidates in the upcoming U.S. elections.
The donation, first reported by Fox Business, comes at a crucial time, with just six weeks until Election Day. Stand With Crypto aims to educate and mobilize crypto voters nationwide, and Exodus’ contribution will help expand these efforts.
Exodus’s website also showcases a banner in support of Stand With Crypto and its initiatives.
Stand With Crypto, which has partnered with industry giants like Coinbase, is pushing to influence the political landscape in favor of the crypto industry.
Stand With Crypto’s website shows that crypto-related donations have surpassed $180 million this election cycle. These efforts signal the sector’s increasing influence and its aim to shape a regulatory environment more favorable to digital assets.
Crypto and U.S. politics
Other major crypto and political actors, such as the Fairshake Super PAC, a pro-crypto political action committee, plan to spend $25 million this election season to support 18 congressional candidates, evenly split between Republicans and Democrats.
The targeted campaigns span around a dozen states, including Alaska, California, and New York, with Fairshake intending to spend approximately $1 million per district.
With this influx of financial backing, pro-crypto lawmakers are better positioned to push for legislation, regulations, and policies. This was seen earlier this year with the passing of the FIT21 bill.
This influx of crypto money into the government shifts political power dynamics, giving candidates and lawmakers supporting crypto more influence.