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MoonPay Donates $1 Million To Stand With Crypto Ahead Of 2024 Elections

Julia Smith
Last updated: | 2 min read
The White House surrounded by blockchain technology, signifying MoonPay's recent donation to Stand With Crypto ahead of the 2024 elections.

MoonPay confirmed to Cryptonews on Monday that it has donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 elections.

“Today, two things are abundantly clear: this year’s election will define the future of our industry in the United States, and it is our responsibility to step up and stand alongside those organizations that want to positively advance crypto innovation for everyone,” the crypto payment service said in a statement.

MoonPay Makes Big Stand With Crypto Donation


Founded by Ivan Soto-Wright and Victor Faramond in 2019, MoonPay donated because of “mounting regulatory pressure” on the blockchain industry.

The company’s announcement comes just days after news broke that Stand With Crypto launched its own political action committee (PAC) slated to fund pro-crypto politicians running for office across the U.S.

“In solidarity with Stand With Crypto, we are supporting elected officials to create a clear regulatory framework for crypto that fosters innovation while protecting consumers,” MoonPay’s statement continued.

Crypto Heats Up Amidst 2024 Elections


Stand With Crypto has backed several political candidates so far this year,  including Congressional candidates Eddy Morales (D-OR), Shomari Figures (D-AL), and Troy Downing (R-MT), as well as Senatorial hopefuls Jim Justice (R-WV) and Jim Banks (R-IN).

“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” Nick Carr, Chief Strategist for Stand With Crypto, told Reuters last week.

Monday’s donation is far from the first time MoonPay has been tied to the U.S. political scene.

Last year, Soto-Wright made headlines for a $500,000 donation to Bitcoin-friendly Miami Mayor Frances Suarez made via an LLC owned and controlled by the MoonPay founder, prompting a complaint to be filed with the Federal Election Commission.

Critics argue that his mayoral donation may have violated straw donor laws since the funds were provided by the MoonPay founder instead of the money his LLC generated. Soto-Wright has since denied any wrongdoing.

The digital asset payment services provider’s Stand With Crypto donation comes as tensions rise over the 2024 U.S. presidential election, with recent polls showing Republican frontrunner Donald Trump and current President Joe Biden nearly tied.

Trump has recently changed his position to a positive stance toward digital assets and announced just last week that his campaign will be taking donations in cryptocurrencies.

Meanwhile, Biden has advocated for increased regulation within the sector, recently announcing he would veto any attempts to overturn the United States Securities and Exchange Commission’s SAB 121.