Cryptocurrency payment firm MoonPay has contributed an undisclosed amount to Coinbase’s nonprofit crypto advocacy project, Stand With Crypto.

“This morning, we made a donation on behalf of everyone here at MoonPay to Stand With Crypto,” MoonPay CEO Ivan Soto-Wright announced on May 13.

The executive emphasized that the upcoming U.S. election will define the future of the cryptocurrency industry in the country, and it’s people’s responsibility to step up to advance crypto. He stated:

“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.”

The donation by MoonPay, the details of which were shared with Cointelegraph on background, comes just a few days after Coinbase’s Stand With Crypto project revealed it launched a political action committee (PAC) for roughly 450,000 members to contribute to candidates running in the 2024 U.S. elections.

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“The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” Stand With Crypto chief strategist Nick Carr reportedly said. According to its website, the PAC has collected more than $86 million at the time of writing.

Stand With Crypto’s latest PAC on pro-crypto political candidates comes a few months after Coinbase launched the project in November 2023.

This is a developing story, and further information will be added as it becomes available.