‘Stand with Crypto’ PAC reaches 1 million supporters

The Stand with Crypto Alliance political action committee (PAC), launched by Coinbase in 2023, recently announced that more than 1 million Americans have signed on as advocates to make their voices heard in Washington, DC.

According to Crypto Advocacy PAC, 52 million Americans own some form of cryptocurrency, and 87% of Americans surveyed believe the current financial system needs a complete overhaul. Stand with Crypto also claimed that 45% of respondents would not vote for an anti-crypto candidate.

Related: U.S. House of Representatives approves FIT21 cryptocurrency bill with bipartisan support.

Passage of the “Financial Innovation and Technology Act of the 21st Century” (FIT21) continues to be a key focus for Stand with Crypto PAC. The bill, which begins the process of developing a strong regulatory framework for cryptocurrencies and digital assets in the United States, passed the House of Representatives by a vote of 278 to 136.

The bill received more support from Republicans, with 200 in favor, compared to 70 Democrats, who voted in favor of FIT21. These numbers still represent a rare moment of bipartisan support in D.C.

But the bill still needs to pass in the Democratic-controlled Senate, where staunch critics of cryptocurrencies like Elizabeth Warren hold seats.

Pressure from the cryptocurrency community and blockchain industry has made cryptocurrencies a hot political issue that will impact the 2024 presidential election and beyond.

Former President Trump’s recent support for cryptocurrency and blockchain innovation in the United States shows that support for cryptocurrency has moved from a niche topic to a topic of national interest.

The 2024 presidential candidate explained that he has no problem with the cryptocurrency industry continuing to grow, emphasizing that innovation must be embraced in the United States or else it will be embraced elsewhere. This would place the United States at a significant disadvantage when it comes to the future of money and finance.

Trump’s comments stand in stark contrast to his previous stance on Bitcoin (BTC) and cryptocurrencies, potentially reflecting a broader reversal in the government’s attitude toward digital assets in the United States.

Following the former president’s comments and support for the cryptocurrency industry, opposing Joe Biden’s campaign has reportedly reached out to industry insiders to request input on the administration’s future cryptocurrency policy.

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