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 forces to advocate for their voices to be heard in Washington, D.C.
The pro-crypto PAC stated that out of the 52 million Americans who own some form of cryptocurrency, 87% believe that the current financial system is in need of a major overhaul. Additionally, Stand with Crypto reported that 45% of those surveyed expressed that they would not support a candidate who is against cryptocurrencies.
The focus of the Stand with Crypto PAC continues to be centered around the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21). This bill aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States. It was successfully passed in the House of Representatives with a vote of 278-136.
The bill received more support from Republican lawmakers, with 200 voting in favor, compared to the 70 Democrats who supported FIT21. This bipartisan backing is a rare occurrence in Washington, D.C. However, the bill still needs to be approved by the Democrat-controlled Senate, where influential critics of crypto, such as Elizabeth Warren, have seats.
The pressure from the crypto community and the blockchain industry has transformed cryptocurrencies into a significant political issue with implications for the 2024 presidential election and beyond. The recent endorsement of cryptocurrencies and blockchain technology in America by former President Trump illustrates how crypto has transitioned from a niche concern to a national priority.
Trump, who was previously critical of Bitcoin (BTC) and cryptocurrencies, has now expressed support for the industry’s growth. He emphasized the importance of embracing innovation in the United States to avoid falling behind in the evolving landscape of money and finance. This shift in stance may indicate a broader change in the government’s attitude towards digital assets.
In response to Trump’s remarks and endorsement of the crypto industry, reports suggest that Joe Biden’s campaign has reached out to industry leaders for input on the administration’s future crypto policies. This engagement highlights the growing influence of cryptocurrencies on the political landscape and the evolving stance of government officials towards this burgeoning sector.