The Crypto Alliance PAC, founded by Coinbase in 2023, has revealed that more than 1 million Americans have joined as advocates to have their voices heard in Washington, D.C. The pro-crypto PAC stated that 52 million Americans own some type of cryptocurrency, with 87% of survey respondents believing that the current financial system requires reform. Additionally, the group claimed that 45% of those surveyed 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 focus for the Stand with Crypto PAC. This bill, which aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the U.S., was approved by a vote of 278-136 in the House of Representatives. The legislation garnered more support from Republican lawmakers, with 200 voting in favor compared to 70 Democrats.
Despite the bipartisan support in the House, FIT21 still needs to pass in the Senate, where critics of crypto like Elizabeth Warren hold influence. The pressure from the crypto community and the blockchain industry has made crypto a significant political issue with implications for the upcoming 2024 presidential election.
Recent backing for cryptocurrencies and blockchain technology from former President Trump indicates that support for crypto has transitioned from a niche concern to a matter of national interest. Trump, a potential candidate for the 2024 election, expressed his support for the growth of the crypto industry, emphasizing the importance of embracing innovation in the U.S. to maintain competitiveness in the financial sector.
This shift in stance from Trump, who was previously critical of Bitcoin and cryptocurrencies, may signal a broader change in the government’s approach to digital assets. Following Trump’s remarks, reports suggest that Joe Biden’s campaign has engaged with industry stakeholders to seek input on future crypto policies for the administration.