Crypto wallet provider Exodus announced a sizable donation to the Stand With Crypto Alliance to garner more political support for the cryptocurrency industry in the United States.
Exodus Donation
Exodus, a company founded in 2015 behind the popular crypto wallet, announced its $1.3 million donation on September 24 to the Stand with Crypto political action committee (PAC) to support their mission of educating and mobilizing crypto voters around the country.
Stand With Crypto Alliance Mission
The Stand With Crypto Alliance, which started the PAC in May, claims there are 52 million American crypto owners it strives to empower through education and political awareness in the lead-up to the United States presidential election on November 5th. The nonprofit organization also claims on its website to have accrued $180 million in donations from 1.49 million crypto advocates. However, the Federal Election Commission reports that only $13,690 had gone directly to the PAC as of June 30.
Impact on Upcoming Elections
Crypto voters may be a key factor in determining the outcome of the November election. Last month, former Joe Biden campaigner John Anzalone said that crypto “could be a really important swing universe.” “I don’t care whether you’re a Democrat or you’re a Republican — this is a group that you should talk to as a candidate,” he said at the time, before adding, “This is a group that is now gaining strength and has power and has a voice, and that becomes really important.” The race between the two presidential candidates, Democratic Party contender Vice President Kamala Harris and Republican Party contender former President Donald Trump, couldn’t be closer. According to the crypto prediction platform Polymarket, Harris has a slim lead of 50% compared with Trump’s 48%.
The donation from Exodus and the activities of the Stand With Crypto Alliance highlight the importance of cryptocurrency issues in the upcoming US elections, which could have a significant impact on political support and regulation of the industry.
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