The Stand with Crypto Alliance political action committee (PAC), initiated by Coinbase in 2023, has recently disclosed that more than 1 million Americans have enlisted as supporters to amplify their voices in Washington, D.C.
As per the pro-crypto PAC, 52 million Americans possess some form of cryptocurrency, and a staggering 87% of Americans surveyed are in favor of an overhaul of the current financial system. Stand with Crypto also asserted that 45% of respondents would not consider voting for an anti-crypto candidate.
The passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) remains a key priority for the Stand with Crypto PAC. The bill, which aims to kickstart the development of a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States, secured approval in the House of Representatives with a vote of 278-136.
The bill garnered more support from Republican legislators, with 200 voting in favor, compared to the 70 Democrats who backed FIT21. This bipartisan backing is a rare occurrence in Washington, D.C.
Nevertheless, the bill still needs to clear the Democrat-controlled Senate, where prominent crypto critics like Elizabeth Warren hold sway.
The crypto community and the blockchain industry are exerting pressure, thrusting crypto into a pivotal political issue with implications for the 2024 presidential election and beyond.
Former President Trump’s recent endorsement of cryptocurrencies and blockchain innovation in America underscores that the support for crypto has transitioned from a niche concern to a matter of national significance.
The 2024 presidential hopeful expressed his support for the continued growth of the crypto industry, emphasizing the necessity of embracing innovation in the United States to avoid falling behind globally in the realm of money and finance.
Trump’s statements mark a notable shift from his previous stance against Bitcoin (BTC) and cryptocurrencies, indicating a broader shift in government attitudes towards digital assets in the United States.
Following the former president’s remarks and backing for the crypto industry, reports suggest that Joe Biden’s campaign has reached out to industry stakeholders to seek their insights for the administration’s forthcoming crypto policies.