The Crypto Advocates Alliance, a political action committee (PAC) founded by Coinbase in 2023, recently declared that more than 1 million Americans have joined forces to make their voices heard in Washington, D.C. The pro-crypto PAC revealed that 52 million Americans are involved in some aspect of cryptocurrency, with 87% of those surveyed agreeing that the current financial system is in need of a revamp. Additionally, Stand with Crypto stated that 45% of participants would not support a candidate who is against cryptocurrencies.
The passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) remains a top priority for the Stand with Crypto PAC. This bill, aimed at establishing a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States, was approved in 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, showcasing a rare moment of bipartisan unity in Washington.
Despite this progress, the bill still needs to pass in the Senate, which is under Democratic control and includes vocal critics of crypto like Elizabeth Warren. The pressure from the crypto community and the blockchain industry has transformed crypto into a significant political issue with implications for the upcoming 2024 presidential election and beyond.
Recent endorsements for cryptocurrencies and blockchain innovation in America by former President Trump indicate that crypto has transitioned from a niche concern to a topic of national importance. Trump expressed his support for the continued growth of the crypto industry, emphasizing the need to embrace innovation in the United States to avoid falling behind in the future of finance.
This shift in attitude is a departure from Trump’s previous stance against Bitcoin (BTC) and other cryptocurrencies, signaling a broader change in government perspectives on digital assets in the U.S. In response to Trump’s backing of the crypto industry, Joe Biden’s campaign reportedly reached out to industry stakeholders for input on the administration’s future crypto policies.