Stand With Crypto Delivers 2024 Election Endorsements

Stand With Crypto has made its endorsements for the 2024 elections but avoided picking sides in several battleground Senate races where crypto has become a key issue, Decrypt notes.

What's the Scoop?

• Endorsements Made: Stand With Crypto endorsed 39 candidates, split almost evenly between Democrats and Republicans. It refrained from endorsing candidates in key races in Michigan, Arizona, and Ohio, despite the role of crypto in these campaigns.
• Fairshake Influence: Fairshake, a Coinbase-backed PAC, caused controversy by donating to Democratic candidates in Michigan and Arizona, even though their Republican opponents had stronger pro-crypto positions.
• Kamala Harris Rating Uproar: Stand With Crypto faced criticism earlier this week for giving Kamala Harris a "B" rating on crypto, later withdrawing the score after backlash.

Bankless Take:  

Stand With Crypto's decision to steer clear of the most contested Senate races reveals the complexity of crypto's political landscape and the internal industry division over which party to support. Given the backlash to Fairshake's donations and Stand With Crypto's recent ratings, the crypto industry seems split between strategic alliances and ideological support. With the presidential race remaining quite close, this cautious approach may likely be an effort to mitigate backlash following the election, hedging bets by not throwing full support behind one party in particular.