This discrepancy raises concerns among those in the crypto community, particularly in light of the significant funds supposedly funneled toward other political action committees that support pro-crypto candidates. When the Stand With Crypto initiative was launched in May, it had announced a membership base of around 450,000 members, which included claims of over $86 million funneled towards pro-crypto initiatives. In reality, out of the reported $179 million, about $178 million went to the Fairshake PAC, which is responsible for various political advertising and campaign supports, not directly to the Stand With Crypto PAC itself.
Amid the political landscape, many voters are increasingly considering issues around cryptocurrency and blockchain as they head towards the 2024 elections. Other PACs funded by leaders in the digital asset sector have been actively supporting candidates they view as favorable to their interests. The use of attack ads and campaign support has already impacted several key races. Meanwhile, Stand With Crypto has not clarified its financial figures despite inquiries, and its association with the nonprofit arm raises further questions about the transparency and regulation of these political donations.
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