The Stand with Crypto Alliance PAC, founded by Coinbase in 2023, has recently revealed that more than 1 million Americans have joined as advocates to make their voices heard in Washington, D.C. The pro-crypto PAC stated that 52 million Americans own some type of cryptocurrency, with 87% of those surveyed believing that the current financial system is in need of a major overhaul. Interestingly, 45% of respondents indicated that they 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 primary focus for the Stand with Crypto PAC. This legislation aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States, and it recently passed in the House of Representatives with a vote of 278-136.
Despite receiving more support from Republican lawmakers, with 200 voting in favor compared to 70 Democrats, the bipartisan support for FIT21 is a noteworthy development in Washington, D.C. The bill still needs to pass in the Democrat-controlled Senate, where prominent crypto critics like Elizabeth Warren hold influential positions.
The pressure from the crypto community and the blockchain industry has elevated crypto to a significant political issue with implications for the 2024 presidential election and beyond. Even former President Trump has shown support for cryptocurrencies and blockchain innovation in America, emphasizing the importance of embracing innovation to maintain a competitive edge in the global financial landscape.
Trump’s recent endorsement of the crypto industry marks a shift from his previous skepticism towards Bitcoin and other cryptocurrencies, signaling a potential change in government attitudes towards digital assets in the United States. In response, Joe Biden’s campaign reportedly reached out to industry experts for input on the administration’s future crypto policies.
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