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MoonPay Backs Coinbase’s Stand With Crypto Initiative

MoonPay Backs Coinbase’s Stand With Crypto Initiative

In a move aimed at advancing cryptocurrency adoption and regulation, MoonPay, a cryptocurrency payment firm, has made an undisclosed donation to Coinbase's nonprofit crypto advocacy project, Stand With Crypto.

MoonPay CEO Ivan Soto-Wright announced the contribution on May 13, stressing the importance of the upcoming U.S. election in shaping the regulatory landscape for the cryptocurrency industry. He highlighted the responsibility of individuals to support elected officials in creating a clear regulatory framework that encourages innovation while safeguarding consumers.

The donation follows shortly after Stand With Crypto unveiled its political action committee (PAC), allowing its approximately 450,000 members to contribute to candidates running in the 2024 U.S. elections. The PAC aims to endorse and support candidates who advocate for the rights of crypto enthusiasts, with over $86 million already collected, according to its website.

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Coinbase launched the Stand With Crypto project in November 2023, seeking to engage with financial regulatory authorities in the United States amid increasing scrutiny. The crypto exchange has been embroiled in legal battles, including a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) alleging violations of federal securities laws.

Despite these challenges, Coinbase has intensified its efforts to support cryptocurrency-friendly politicians, marking a significant development in its engagement with politics. CEO Brian Armstrong previously emphasized Coinbase’s apolitical stance, prioritizing its mission over unrelated political causes or candidates.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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