Coinbase-Aligned Advocacy Group ‘Stand With Crypto’ Secures $2M in Support

The crypto advocacy group aligned with Coinbase, Stand With Crypto, has successfully raised $2 million in just two months, thanks to contributions from over 80,000 supporters. The group’s mission is to sway lawmakers and serve as the go-to resource for crypto advocacy efforts.

The campaign has also attracted over 100,000 budding crypto supporters across the country. Stand With Crypto’s platform offers resources for individuals to connect with lawmakers and understand their stances on cryptocurrency.

Coinbase CEO Brian Armstrong is the top donor, having contributed half of the $2 million. Other notable donors include David Bleznak, co-founder of Draper Goren Blockchain and Moonwell, which is known for its decentralized finance services.

“Our goal is to truly unite and coalesce the crypto grassroots community,” noted Carr during a conversation with Coindesk. He further shared that the group has already facilitated over 16,000 communications with congressional members.

The funds are earmarked for bolstering the group’s efforts to influence policy, including the development of AI tools to facilitate interactions with legislators and sections on their website profiling the crypto positions of lawmakers.

The website already features politicians supportive of crypto, such as Ron DeSantis and Kirsten Gillibrand, and also highlights those who have expressed opposition, including Elizabeth Warren and Brad Sherman.

Despite its grassroots branding, the genesis of the group traces back to Coinbase, which has remained involved since the initiative’s launch in August.

“Centralized lobbying is not going to get it done in Washington,” remarked Kara Calvert, head of U.S. policy for Coinbase, in an interview with Coindesk.

Calvert emphasized the notion that advocacy is most effective when it emanates from voters, as elected officials are more inclined to respond to their constituency than to companies like Coinbase.

The announcement of Stand With Crypto’s fundraising success coincides with a period of regulatory uncertainty within the crypto sphere. Although the House of Representatives has nearly passed two crypto-centric bills, the Senate displays a more conservative stance towards such legislation.

The two bills in question, which cleared the House Financial Services Committee in July, address crypto market structure and a regulatory framework for stablecoins. The first would put the Commodity Futures Trading Commission at the helm of token market regulation, while the second, currently facing significant pushback from Senate Democrats, seeks to establish guidelines for stablecoins.