The Stand with Crypto Alliance, a political action committee (PAC) established by Coinbase in 2023, has recently revealed that over 1 million Americans have joined as advocates to amplify their voices in Washington, D.C.
As per the pro-crypto PAC, 52 million Americans are involved in some form of cryptocurrency, with 87% of survey participants expressing the opinion that the current financial system requires a revamp. Stand with Crypto also highlighted that 45% of those surveyed stated they would not support a candidate who is against cryptocurrency.
In a related development, the U.S. House of Representatives has passed the FIT21 bill with bipartisan backing. This bill, officially known as the “Financial Innovation and Technology for the 21st Century Act,” aims to lay the groundwork for a comprehensive regulatory framework for cryptocurrencies and digital assets in the country. The bill was approved by a vote of 278-136 in the House.
While the bill garnered more support from Republican lawmakers, with 200 in favor compared to 70 Democrats, this signifies a rare moment of unity across party lines in Washington, D.C. The next hurdle for the bill is to secure passage in the Democrat-controlled Senate, where vocal critics of crypto like Elizabeth Warren hold influence.
The pressure from the crypto community and the blockchain industry has turned cryptocurrency into a significant political issue with implications for the upcoming 2024 presidential election and beyond. The recent endorsement of cryptocurrencies and blockchain innovation in America by former President Trump indicates that crypto has transitioned from a niche concern to a matter of national importance.
In a noteworthy shift from his earlier stance against Bitcoin (BTC) and cryptocurrencies, Trump has now expressed support for the growth of the crypto industry. He emphasized the need for the U.S. to embrace innovation in order to remain competitive in the evolving landscape of money and finance.
These comments from Trump suggest a broader change in the government’s approach towards digital assets in the United States. In response to Trump’s stance, reports indicate that Joe Biden’s campaign has reached out to industry stakeholders to gather input for the administration’s future crypto policies.
In other news, Gordon Goner discusses his health struggles and the 3rd anniversary celebrations of Bored Apes in a recent magazine feature.