The Stand with Crypto Alliance, a political action committee (PAC) founded by Coinbase in 2023, has recently revealed that more than 1 million Americans have joined the movement to have their voices heard in Washington, D.C. This pro-crypto PAC states that 52 million Americans are involved in some form of cryptocurrency, with a staggering 87% of respondents agreeing that the current financial system is in need of a major overhaul. Additionally, Stand with Crypto reports that 45% of those surveyed would not support a candidate who is against cryptocurrencies.
A key initiative for the Stand with Crypto PAC is the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21), which aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States. The bill recently passed in the House of Representatives with a vote of 278-136, showcasing rare bipartisan support with 200 Republican lawmakers in favor and 70 Democrats supporting FIT21. The next hurdle for the bill is the Democrat-controlled Senate, where critics like Elizabeth Warren could pose a challenge.
The pressure from the crypto community and the blockchain industry has escalated the issue of cryptocurrencies into a significant political topic with implications for the upcoming 2024 presidential election and beyond. Former President Trump’s recent endorsement of the crypto industry signifies a shift in national attention towards digital assets, contrasting his previous negative stance on Bitcoin and cryptocurrencies. Trump emphasized the importance of embracing innovation in the U.S. to avoid falling behind in the future of money and finance.
In light of Trump’s support for crypto, reports suggest that Joe Biden’s campaign has reached out to industry leaders for input on the administration’s future crypto policies. This shift in government attitudes towards digital assets in the United States reflects a changing landscape where cryptocurrencies are gaining mainstream recognition and support.