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.

As a crypto company founded in America, we’re proud to #StandWithCrypto and have made a donation to support their efforts in this pivotal year for our industry.

Here’s the note our CEO shared with everyone at MoonPay this morning: pic.twitter.com/PzXxjF3FaZ

— MoonPay (@moonpay) May 13, 2024

The digital asset 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.

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

Liz Warren and Joe Biden made crypto a political issue.

Not the crypto community.

Radical policies aimed to ban or severely cripple an industry that enshrines American Constitutional values into the global financial system will lead to backlash. https://t.co/a0k7HxJfNS

— Ryan Selkis (d/acc) (@twobitidiot) May 12, 2024

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 long been known for his 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.

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