The Stand with Crypto Alliance, a political action committee (PAC) established by Coinbase in 2023, has recently disclosed 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 a staggering 52 million Americans are involved in some form of cryptocurrency, with 87% of those surveyed agreeing that the current financial system is in need of a significant overhaul. Furthermore, Stand with Crypto has 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 central objective for the Stand with Crypto PAC. This bill aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States and has successfully passed in the House of Representatives with a vote of 278-136. Despite receiving more support from Republican representatives, with 200 in favor compared to 70 Democrats, the bipartisan backing of the bill is a rare sight in Washington.
The next hurdle for the FIT21 bill is the Democrat-controlled Senate, where prominent critics of crypto, such as Elizabeth Warren, hold influential positions. The pressure from the crypto community and the blockchain industry has transformed cryptocurrency into a significant political issue that will impact the upcoming 2024 presidential election and beyond.
Former President Trump’s recent endorsement of cryptocurrencies and blockchain innovation in America is a clear indication that the crypto industry has moved from obscurity to national prominence. Trump’s statement expressing support for the continued growth of the crypto industry underscores the importance of embracing innovation in the United States to maintain a competitive edge in the future of finance.
This shift in attitude is a stark contrast to Trump’s previous skepticism towards Bitcoin (BTC) and other cryptocurrencies, suggesting a broader change in government perspectives on digital assets in the U.S. Following Trump’s remarks and endorsement of the crypto industry, reports have emerged that Joe Biden’s campaign has engaged with industry leaders to seek their input on the administration’s future crypto policies.