MoonPay Makes a Huge Contribution towards Coinbase’s Nonprofit Crypto Advocacy Project
MoonPay has made an announcement that it decided to contribute to Stand With Crypto, Coinbase’s nonprofit crypto advocacy project. This Cryptocurrency payment firm’s CEO Ivan Soto-Wright announced that they would be making a donation for a disclosed amount on behalf of everyone in the company.
In addition to that, the CEO also said that the U.S. election this year will decide the future course of the cryptocurrency industry. Therefore, it is everyone’s responsibility to work towards progressing a future with crypto at the core.
Massive Donation towards Stand With Crypto
Wright stated, “We are showing our support to Stand With Crypto by creating a regulatory framework for crypto with the help of elected officials to keep consumers safe while moving a step ahead in innovation.
The donation by MoonPay was just a couple of days later after Coinbase’s project opened up its ambitions of launching a political action committee (PAC). It will contain close to half a million members to contribute to 2024 U.S. election candidates.
Stand With Crypto chief strategist Nick Carr added, “The idea here is to support and endorse candidates which will focus on providing complete support and protection to the rights of the advocates of our organization throughout November.”
Collection of More than $86 million
The PAC has been able to accumulate a fund of $86 million until now, as per its website. The Stand With Crypto’s latest PAC comes just a couple of months after this project was launched in November last year.
It was quite natural for Coinbase to launch this initiative as the company is constantly trying to find a voice and get a dialogue with the regulatory authorities in the U.S.
Issues with SEC
Coinbase has been facing issues with the U.S. Securities and Exchange Commission (SEC) since last year and had to face a lawsuit from the regulatory authority. The SEC alleged that Coinbase had violated federal securities laws because of the listing of 13 tokes it classifies as securities.
Furthermore, Coinbase faced a new lawsuit in May 2024 over the allegations of investor deception. As a result, the company has been trying long to build a reputation among the government members.
It is why the PAC is supporting cryptocurrency-friendly politicians in the upcoming election. However, Coinbase CEO Brian Armstrong 4 years ago praised the “apolitical culture” at the company while commenting on the company’s stance on global politics.
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