The Stand with Crypto Alliance political action committee (PAC), initiated by Coinbase in 2023, has recently declared that more than 1 million Americans have joined as advocates to ensure their voices are heard in Washington, D.C.
As per the pro-crypto PAC, 52 million Americans are involved in some form of cryptocurrency, and 87% of those surveyed believe that the current financial system requires a significant overhaul. Stand with Crypto also stated that 45% of participants indicated they would not support a candidate who is against crypto.
The passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) remains a primary objective of 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 a 278-136 vote in the House of Representatives.
The bill garnered more support from Republican lawmakers, with 200 voting in favor, compared to the 70 Democrats who supported FIT21. This bipartisan backing in Washington, D.C., is a rare occurrence.
Nonetheless, the bill must still be passed in the Democrat-controlled Senate, where influential critics of crypto, such as Elizabeth Warren, hold key positions.
The pressure from the crypto community and the blockchain industry has transformed crypto into a significant political issue with implications for the upcoming 2024 presidential election and beyond.
The recent endorsement of cryptocurrencies and blockchain innovation in the United States by former President Trump highlights the shift in public attention towards crypto. The 2024 presidential hopeful emphasized his support for the continued growth of the crypto industry, underlining the importance of embracing innovation in the U.S. to avoid falling behind in the realm of money and finance.
This change in stance from Trump, who previously held negative views on Bitcoin (BTC) and cryptocurrencies, could signify a broader shift in government attitudes towards digital assets in the country.
In response to the former president’s remarks and backing of the crypto industry, reports suggest that Joe Biden’s campaign has reached out to industry leaders to seek their input on the administration’s forthcoming crypto policies.