The Stand with Crypto Alliance political action committee (PAC), established by Coinbase in 2023, recently announced that a staggering 1 million Americans have joined as advocates to amplify their voices in Washington, D.C.
According to the pro-crypto PAC, 52 million Americans are currently involved in some form of cryptocurrency, and an overwhelming 87% of those surveyed believe that the existing financial system is in need of a revamp. Stand with Crypto also revealed that 45% of respondents expressed that they would not support a candidate who is against crypto.
The passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) remains a key mission for the Stand with Crypto PAC. This legislation aims to lay the groundwork for a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States, and it successfully cleared the House of Representatives with a vote of 278-136.
The bill garnered more support from Republican lawmakers, with 200 voting in favor, compared to the 70 Democrats who supported FIT21. This bipartisan backing in D.C. is a rare occurrence, setting the stage for further discussions in the Democrat-controlled Senate, where known crypto critics like Elizabeth Warren hold sway.
The pressure from the crypto community and the blockchain industry has thrust crypto into the forefront of political discourse, with implications for the upcoming 2024 presidential election and beyond. The recent backing for cryptocurrencies and blockchain technology in the United States from former President Trump signals a shift from a niche interest to a matter of national significance.
In a surprising turn of events, the 2024 presidential hopeful expressed his support for the continued growth of the crypto sector, emphasizing the importance of embracing innovation within the country to avoid falling behind on the global stage. This marked a stark departure from his previous stance against Bitcoin (BTC) and other cryptocurrencies, hinting at a broader shift in government attitudes towards digital assets in the U.S.
In response to Trump’s endorsement of the crypto industry, rival Joe Biden’s campaign reportedly reached out to industry stakeholders seeking their input on the administration’s future crypto policies.