The Stand with Crypto Alliance, a political action committee (PAC) established by Coinbase in 2023, has recently revealed that more than 1 million Americans have joined the movement to have their voices heard in Washington, D.C.
The pro-crypto PAC has stated that 52 million Americans currently own some form of cryptocurrency, with 87% of surveyed individuals expressing the belief that the existing financial system is in need of a significant overhaul. Stand with Crypto has also reported that 45% of respondents would not support a candidate who is against cryptocurrencies.
The passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) remains a primary objective for the Stand with Crypto PAC. This bill, which aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States, was approved by the House of Representatives with a vote of 278-136.
The bill garnered more support from Republican lawmakers, with 200 voting in favor, compared to the 70 Democrats who supported FIT21. Despite this, the bipartisan approval in D.C. is a rare occurrence.
The next hurdle for the bill is the Democrat-controlled Senate, where prominent critics of crypto, such as Elizabeth Warren, hold influence. The pressure from the crypto community and the blockchain industry has transformed crypto into a significant political issue with potential implications for the 2024 presidential election and beyond.
The recent endorsement of cryptocurrencies and blockchain advancement in the U.S. by former President Trump highlights the increasing national attention on the topic. Trump’s acknowledgment that the crypto industry should be allowed to flourish underscores the importance of embracing innovation in America to avoid falling behind globally in terms of money and finance.
This shift in stance from Trump, who was previously critical of Bitcoin (BTC) and other cryptocurrencies, may indicate a broader change in the government’s approach towards digital assets in the country. Following Trump’s remarks and support for the crypto sector, reports suggest that Joe Biden’s campaign has engaged with industry stakeholders to seek input on the administration’s future crypto policies.