The Stand With Crypto movement is gaining momentum in the US, with one million people joining the advocacy group to support the crypto industry. The CEO of Coinbase, Brian Armstrong, highlighted the significant number of voters that have joined the cause, with 600,000 supporters joining after a Whitehouse veto threat. The momentum for pro-crypto policy in America is stronger than ever, with bipartisan wins in the House and Senate.
The Biden Administration recently attempted to block Republican crypto legislation that would allow banks to custody digital assets for clients. However, the House of Representatives passed the bill, and the Financial Innovation and Technology for the 21st Century Act (FIT21) was also approved in May. The US crypto support is growing, with positive outcomes for the industry.
The Stand with Crypto Alliance, launched by Coinbase in August 2023, aims to mobilize the crypto community for legislative engagement. With over a million supporters and $87 million in donations, the organization is making significant progress. The potential impact of these supporters in the upcoming US presidential election is substantial, according to Armstrong, who emphasized the voting bloc’s significance.
The surge in membership for the Stand with Crypto movement was driven by frustration over the Biden administration’s veto and support for the FIT21 bill, which aims to establish a new legal framework for crypto assets with increased oversight from the Commodity Futures Trading Commission (CFTC). Armstrong believes that being anti-crypto is bad politics, as it alienates a large number of Americans who have embraced this technology.
The crypto industry is actively supporting pro-crypto candidates in the upcoming elections, with millions of dollars being spent on political donations. Coinbase’s $25 million donation to the Fairshake political action committee (PAC) and contributions from other industry players like Ripple and Andreessen Horowitz demonstrate a strong commitment to advancing the interests of the crypto community. Overall, the Stand With Crypto movement is gaining traction and could have a significant impact on shaping crypto policy in the US.
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