The launch of the Stand with Crypto Alliance PAC by Coinbase in 2023 has garnered significant support, with over 1 million Americans signing on as advocates to have their voices heard in Washington, D.C. The pro-crypto PAC reported that 52 million Americans are currently involved in cryptocurrency, and a whopping 87% of Americans feel that the existing financial system is in need of a major overhaul. Additionally, Stand with Crypto revealed that 45% of respondents would not support a candidate who is against cryptocurrency.
The recent approval of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) by the US House of Representatives has been a major focus for the Stand with Crypto PAC. This bill aims to establish a strong regulatory framework for cryptocurrencies and digital assets in the United States and passed in the House with a vote of 278-136. The bill received more support from Republican lawmakers, with 200 voting in favor compared to 70 Democrats who supported FIT21, showcasing a rare bipartisan moment in D.C.
Despite this success in the House, the bill still needs to pass in the Democrat-controlled Senate, where prominent critics of crypto like Elizabeth Warren hold sway. The pressure from the crypto community and the blockchain industry has turned cryptocurrency into a significant political issue that will have implications for the 2024 presidential election and beyond.
Former President Trump’s recent expressions of support for cryptocurrencies and blockchain innovation in America indicate a shift in national attention towards crypto. Trump emphasized the importance of embracing innovation in the United States to maintain a competitive edge in the future of money and finance, marking a stark change from his previous negative stance on Bitcoin and cryptocurrencies.
In response to Trump’s support, reports suggest that Joe Biden’s campaign has reached out to industry players for input on future crypto policy. This signals a potential shift in government attitudes towards digital assets in the United States, highlighting the increasing importance of crypto in the political landscape.