The Stand with Crypto Alliance, a political action committee (PAC) founded by Coinbase in 2023, has proudly announced that more than 1 million Americans have joined as advocates to ensure their voices are heard in Washington, D.C.
The pro-crypto PAC revealed that 52 million Americans are currently involved in some form of cryptocurrency, with a staggering 87% of participants in a recent survey expressing the need for a revamp of the existing financial system. Stand with Crypto also highlighted that 45% of those surveyed would not support a candidate who is against cryptocurrencies.
In a related development, the U.S. House of Representatives has successfully passed the “Financial Innovation and Technology for the 21st Century Act” (FIT21) with bipartisan support. This crucial bill aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets within the country. The bill received overwhelming support from Republican lawmakers, with 200 voting in favor, compared to 70 Democrats who also supported FIT21. This bipartisan backing is a rare occurrence in the political landscape of D.C.
Although the bill has crossed a significant hurdle in the House, it still needs to be approved by the Democrat-controlled Senate, where prominent critics of crypto like Elizabeth Warren hold influential positions. The pressure from the crypto community and the blockchain industry has turned crypto into a contentious political issue that could impact the upcoming 2024 presidential election and beyond.
Former President Trump’s recent endorsement of cryptocurrencies and blockchain innovation in the U.S. marks a significant shift in attitude towards the industry. Trump emphasized the importance of embracing innovation in the country to avoid falling behind on the global stage. His statements, which contrast with his previous skepticism towards Bitcoin (BTC) and other digital assets, reflect a broader change in the government’s stance on cryptocurrencies.
Following Trump’s support for the crypto industry, reports suggest that Joe Biden’s campaign has engaged with industry stakeholders to seek input on the administration’s future crypto policies. This outreach signals a growing recognition of the importance of cryptocurrencies and blockchain technology in shaping the future of finance in the United States.