‘Stand with Crypto’ PAC reaches 1 million advocates

The Stand with Crypto Alliance political action committee (PAC), launched by Coinbase in 2023, recently announced that more than 1 million Americans have signed up as advocates to make their voices heard in Washington, DC.

According to the Pro-Crypto PAC, 52 million Americans hold some form of cryptocurrency, and 87% of Americans surveyed believe the current financial system needs change. Stand with Crypto also stated that 45% of respondents would not vote for an anti-crypto candidate.

Related: US House passes FIT21 crypto bill with bipartisan support

The passage of “Financial Innovation and Technology of the 21st Century” (FIT21) continues to be the main focus of the Stand with Crypto PAC. A bill that begins the process of developing a strong regulatory framework for cryptocurrencies and digital assets in the United States has been approved by the House of Representatives by a vote of 278-136.

The bill received more support from Republican lawmakers, 200 of whom voted against it, compared to 70 Democrats who voted yes on FIT21. These numbers still indicate extraordinary bipartisan support in DC

However, the bill still needs to pass the Democrat-controlled Senate, where some of crypto's staunchest critics, such as Elizabeth Warren, hold seats.

Pressure from the crypto community and the blockchain industry has made crypto a hot-button political issue with implications for the 2024 presidential election and beyond.

Recent support for cryptocurrencies and blockchain innovation in the US from former President Trump shows that support for crypto has moved from a sensational topic to a national focus.

The 2024 presidential candidate stated that he has no problem with the crypto industry continuing to grow, emphasizing that innovation must be incorporated in the United States or it will be accepted elsewhere. This puts the US at a huge disadvantage in terms of future monetary and financial conditions.

Trump's comments stand in stark contrast to his previous stance on Bitcoin (BTC) and other cryptocurrencies, potentially reversing the government's stance on digital assets in the United States.

Following the former president's comments and support for the crypto industry, his opponent Joe Biden's campaign has reportedly reached out to ask industry players for their opinions on the administration's future crypto policy.

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