Recently, Coinbase CEO Brian Armstrong announced that one million individuals have joined the ‘Stand With Crypto’ movement to advocate for the cryptocurrency industry. This surge in support has been attributed to various factors, including the threat of a Whitehouse veto and recent bipartisan victories in Congress. Armstrong highlighted the non-partisan nature of the movement and emphasized that the momentum for pro-crypto policies in America is stronger than ever.
The Biden Administration’s attempt to block Republican crypto legislation allowing banks to custody digital assets for clients has been met with opposition from the crypto community. The passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the House of Representatives’ approval of the bill have signaled a shift in favor of the industry. The Stand with Crypto Alliance, established by Coinbase in response to regulatory challenges, has amassed over a million supporters and received significant financial backing.
As the number of crypto advocates continues to grow, Armstrong noted the potential impact of this voting bloc in the upcoming US presidential election. The membership surge was fueled by discontent over the administration’s veto and support for the FIT21 bill, which aims to establish a new legal framework for crypto assets. Armstrong expressed his belief that being anti-crypto is detrimental to a politician’s popularity, as it alienates a significant portion of the population who have embraced cryptocurrency technology.
The crypto industry has made substantial financial investments in supporting candidates who align with their interests in this year’s elections. Coinbase’s $25 million donation to the pro-crypto political action committee Fairshake is just one example of these contributions. Companies like Ripple and venture capital firm Andreessen Horowitz have also shown their support through financial donations. The influx of funding from the crypto industry is expected to have a significant influence on the political landscape.
The rise of crypto advocacy in the United States represents a growing movement that is reshaping the political dynamics surrounding cryptocurrency regulation. With an increasing number of individuals joining the cause and significant financial resources being allocated to support pro-crypto candidates, the influence of the industry on policymaking is becoming more pronounced. The upcoming presidential election will serve as a litmus test for the power and impact of the crypto community in shaping the future of digital assets in the United States.
Leave a Reply