Moonpay Donates $1 Million to Stand With Crypto

Moonpay Contributes $1 Million to Stand With Crypto’s Efforts

Moonpay, one of the largest cryptocurrency on and offramp providers, has donated $1 million to support Stand With Crypto, a crypto-friendly initiative seeking to rally U.S. holders to improve the climate for the crypto industry via political action.

Moonpay CEO Ivan Soto-Wright explained that this donation was focused on standing with the organizations that want to “positively advance crypto innovation” for everyone. In a letter shared on social media, Soto-Wright stated that due to the approval of the Bitcoin ETF products at the start of 2024, he believed that a new chapter in the crypto industry had begun in the country.

However, this notion proved wrong, as the most relevant cryptocurrency exchanges in the U.S., such as Coinbase, Kraken, and Robinhood, are facing legal action due to their participation as enablers in the crypto market.

For Soto, this year’s election “will define the future of the industry in the United States,” so Moonpay backs Stand With Crypto’s action of supporting the candidates with pro- crypto stances. “The future of digital ownership in America is at risk. We are proud to support our industry,” Soto-Wright stressed.

Stand With Crypto’s site reports it has received over $87 million in donations from almost 500,000 crypto advocates. Recently, the organization announced it would establish a political action committee (PAC) to support endorsed congressional candidates directly with donations.

The organization was initiated by Coinbase in 2023 to turn the community “into a powerful voice advocating for policies that will update our financial system and support economic empowerment.” Coinbase CEO Brian Armstrong also donated $1 million to this effort.

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