The Stand with Crypto Alliance political action committee (PAC) was established by Coinbase in 2023 and has recently revealed that more than 1 million Americans have joined as advocates to express their opinions 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 requires a significant overhaul. Stand with Crypto also noted that 45% of respondents stated they would not support a candidate who was against cryptocurrencies.
A vital focus of the Stand with Crypto PAC is the passing of the “Financial Innovation and Technology for the 21st Century Act” (FIT21). This legislation aims to create a strong regulatory framework for cryptocurrencies and digital assets in the United States. The bill recently passed in the House of Representatives by a vote of 278-136, with more Republican lawmakers (200) supporting it compared to Democrats (70), showcasing a rare moment of bipartisan agreement in Washington.
Despite the positive House vote, the bill still needs to pass in the Democrat-controlled Senate, where prominent crypto critics like Elizabeth Warren are present. The pressure from the crypto community and the blockchain industry has transformed cryptocurrencies into a significant political topic with implications for the 2024 presidential election and beyond.
Former President Trump’s recent endorsement of cryptocurrencies and blockchain innovation in America signifies a shift in the national perspective on crypto. Trump expressed his support for the industry’s growth and emphasized the importance of embracing innovation in the United States to avoid falling behind globally in terms of money and finance.
This change in stance from Trump, who had previously been critical of Bitcoin (BTC) and cryptocurrencies, reflects a broader shift in the government’s attitude towards digital assets. Following Trump’s remarks, reports suggest that Joe Biden’s campaign has reached out to industry leaders for input on the administration’s future crypto policies.