MoonPay, a leading cryptocurrency payment firm, has made a significant contribution to Coinbase’s nonprofit crypto advocacy project, Stand With Crypto. The exact amount of the donation has not been disclosed, but MoonPay CEO Ivan Soto-Wright announced the contribution on May 13.
Soto-Wright emphasized the importance of the upcoming U.S. election in shaping the future of the cryptocurrency industry in the country. He stated that it is the responsibility of the people to support elected officials in creating a clear regulatory framework for crypto that encourages innovation while protecting consumers.
The donation from MoonPay comes shortly after Coinbase’s Stand With Crypto project launched a political action committee (PAC) for its roughly 450,000 members to contribute to candidates running in the 2024 U.S. elections. The PAC aims to endorse and support candidates who are advocates for crypto rights.
Stand With Crypto’s PAC has already collected over $86 million, according to its website. This initiative follows Coinbase’s launch of the Stand With Crypto project in November 2023, as the company has been actively engaging with financial regulatory authorities in the United States.
Coinbase’s efforts to support pro-crypto political candidates mark a significant milestone in the company’s relationship with politics. Despite previously maintaining an apolitical culture, Coinbase has shifted its focus to advocating for cryptocurrency-friendly policies and regulations.
The cryptocurrency industry continues to navigate regulatory challenges, with Coinbase facing legal battles with the U.S. Securities and Exchange Commission (SEC) over alleged violations of securities laws. However, the company’s commitment to supporting crypto-friendly politicians reflects its dedication to advancing the industry’s interests in the political arena.