The Stand with Crypto Alliance political action committee (PAC), launched by Coinbase in 2023, recently announced that over 1 million Americans have signed on as advocates to make their voices heard in Washington, D.C.
According to the pro-crypto PAC, 52 million Americans hold some form of cryptocurrency, and 87% of Americans surveyed believe the current financial system needs an overhaul. Stand with Crypto also claimed that 45% of respondents would not vote for an anti-crypto candidate.
Related: US House approves FIT21 crypto bill with bipartisan support.
Passage of the "Financial Innovation and Technology for the 21st Century Act" (FIT21) continues to be a core focus of the Stand with Crypto PAC. The bill, which would begin the process of developing a robust regulatory framework for cryptocurrencies and digital assets in the United States, passed in the House of Representatives by a 278-136 vote.
The bill received more support from Republican lawmakers, 200 of whom voted for it, compared to the 70 Democrats who voted yes on FIT21. These numbers still represent a rare moment of bipartisan support in D.C.
However, the bill must still pass in the Democrat-controlled Senate, where some of crypto's staunchest critics, like Elizabeth Warren, hold seats.
Pressure from the crypto community and the blockchain industry has propelled crypto into a hot-button political issue that has ramifications for the 2024 presidential election and beyond.
Recent support for cryptocurrencies and blockchain innovation in America from former President Trump shows that support for crypto has gone from a niche topic to one of national attention.
The 2024 presidential candidate explained that he had no problem with the crypto industry continuing to grow and stressed that innovation must be embraced in the United States or it would be embraced elsewhere. That would put the U.S. at a significant disadvantage when it comes to the future of money and finance.
Trump’s comments are in stark contrast to his previous positions against Bitcoin (BTC) and cryptocurrencies, potentially reflective of a broader reversal of government attitudes toward digital assets in the United States.
Following the former president’s comments and support for the crypto industry, opponent Joe Biden's campaign reportedly reached out to industry players to request their input for the administration's future crypto policy.
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