Coinbase’s Stand With Crypto project in May revealed it had launched a political action committee (PAC) to support candidates running in the 2024 US elections. 

Roughly two months later, the website stated on its landing page that roughly $179 million was “donated by crypto advocates.” Most of these funds did not go toward the PAC at all.

According to Federal Election Commission (FEC) filings, the Stand With Crypto PAC has received just over $13,690 in contributions from April 1 to June 30. These contributions came from just seven individuals, many directly connected to Coinbase, including chief policy officer Faryar Shirzad and head of US policy Kara Calvert.

The donation amount may surprise many in the crypto community, as reports have emerged of millions of dollars funneled through digital asset-focused PACs to support candidates in 2024 races. When its PAC launched, Stand With Crypto reported it had roughly 450,000 members, some of whom had contributed more than $86 million to supporting pro-crypto initiatives in the country.

Of the more than $179 million the project reported had been donated by roughly 1.3 million crypto advocates at the time of publication, roughly $178 million went directly to the Fairshake PAC. The committee and its affiliates, Protect Progress and Defend American Jobs, have been responsible for funding attack ads, media buys, and other support for candidates in congressional races.

Stand With Crypto reported that of the $179 million, roughly $1.49 million went to the project itself — not the Stand With Crypto PAC, a separate entity in terms of contributions. In a July 19 reply on X, the project said these funds went to Stand With Crypto’s nonprofit organization arm.

According to FEC guidelines, a nonprofit registered as a 501(c)(4) in the US cannot primarily support one candidate or political party and does not have to disclose its donors. Cointelegraph reached out to Stand With Crypto for comment but did not receive a response at the time of publication.

Crypto in politics

Many voters seem to be thinking about crypto and blockchain in the 2024 election season. PACs funded by digital asset leaders and advocates support candidates they consider beneficial to the industry or buy ads attacking those who have previously spoken out against the technology.

In March, California Representative Katie Porter lost a primary race for the US Senate after a Fairshake ad aired with claims about her campaign contributions. In April, the Protect Progress PAC backed two Democratic candidates who won primaries in Alabama and Texas. In July, Protect Progress and Defend American Jobs used more than $2 million combined to support Democratic and Republican candidates running for congressional seats in Arizona ahead of the state’s primaries.

Related: Vitalik Buterin warns of politicians claiming to be ‘pro-crypto’

The US is likely headed for a particularly divisive presidential election in 2024 between presumptive Democratic nominee Kamala Harris and Republican candidate Donald Trump. On July 13, Trump survived an apparent assassination attempt at a Pennsylvania rally.

Though there were calls to tone down the violent rhetoric after the shooting, many supporters of the Republican National Convention espoused unsubstantiated rumors targeting Democrats and President Joe Biden. Amid the convention, Ryan Selkis announced he would resign as CEO of Messari following a series of tweets attacking immigrants and supporting calls for civil war in the US.

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