MoonPay, a crypto payment company, has shown its support of Coinbase’s charity crypto project, Stand With Crypto. On May 13, MoonPay CEO Ivan Soto-Wright said that the U. S. election would be a landmark in the cryptocurrency industry and announced a significant donation.
The MoonPay’s donation is to supply the formation of a regulatory framework that supports creativity and, at the same time, protects the consumer. Soto-Wright pointed out that the crypto community should be the one to lead the industry to the next level.
Crypto’s Political Action Committee
Coinbase’s project “Stand with Crypto” just launched a political action committee (PAC) to gather support for the pro-crypto candidates in the 2024 U.S. elections. In the view of Stand With Crypto chief strategist Nick Carr, the PAC aims to back and endorse those candidates who are for the rights of the crypto supporters.
The PAC has been able to get a lot of people who are in favor of its ideas to donate, and at the time of writing, it has already collected over $86 million. This move is a part of Coinbase’s strategy to shape the political field in the cryptocurrency industry’s direction.
Coinbase’s Regulatory Challenges
Previously, Coinbase was taken to court by the U. S. Securities and Exchange Commission (SEC) in June 2023 for the violation of federal securities laws by the fact that it listed the tokens that were considered as securities.
Even though it had some victories in its legal action in April 2024, Coinbase received another lawsuit on the basis of investor deception in May.
Coinbase’s projects that aim to back the politicians who are crypto-friendly are a great move in their continuous struggle to cope with the regulatory environment and protect the interests of the crypto industry.
Also Read: MoonPay and BitPay Partner for Seamless Crypto Transactions
