Crypto Advocacy Grows: Stand with Crypto PAC Tops 1 Million Supporters
The Stand with Crypto Alliance political action committee (PAC), launched by cryptocurrency exchange Coinbase in 2023, has reached a significant milestone. According to a recent announcement, over 1 million Americans have signed on as advocates, aiming to amplify their voices on cryptocurrency issues in Washington D.C.
Widespread Crypto Ownership and Legislative Focus
The pro-crypto PAC cites statistics suggesting a growing national interest in digital assets. They claim 52 million Americans currently hold some form of cryptocurrency, and a survey conducted by the PAC found that 87% of Americans believe the current financial system needs reform. Additionally, they report that 45% of respondents wouldn’t vote for a candidate who opposes cryptocurrency.
These figures highlight public sentiment and underscore the importance of the “Financial Innovation and Technology for the 21st Century Act” (FIT21). The bill, a key focus of Stand with Crypto PAC, aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the U.S. Notably, FIT21 passed the House of Representatives with bipartisan support (278-136 vote).
Bipartisan Support and Senate Hurdles
While the bill’s passage in the House reflects a rare moment of political agreement, it still faces an uphill battle in the Senate. The Democrat-controlled upper chamber includes vocal crypto critics like Senator Elizabeth Warren.
This partisan divide underlines the contentious nature of cryptocurrency regulation, which has become a hot-button political issue with ramifications for the upcoming presidential election and beyond.
Shifting Tides: From Niche to National Concern
Recent developments signal a change in the political landscape surrounding cryptocurrency. Former President Trump’s newfound support for crypto innovation highlights the growing national interest. In a recent statement, he advocated for the industry’s continued growth, emphasizing the importance of embracing innovation domestically to avoid falling behind other nations.
This stance marks a stark contrast to Trump’s previous skepticism towards Bitcoin and cryptocurrencies. His shift in perspective potentially reflects a broader change in government attitudes towards digital assets in the U.S.
Both Candidates Seek Industry Input
Following Trump’s comments, President Biden’s campaign reportedly reached out to industry leaders to solicit input for the administration’s future crypto policy. This move suggests both major political parties are recognizing the growing importance of the crypto space and seeking to understand industry perspectives.
Looking Ahead: Advocacy and Regulation
The Stand with Crypto PAC’s milestone of 1 million supporters underscores the growing public interest in cryptocurrency. With both political parties acknowledging the industry’s significance, crafting a balanced regulatory framework that fosters innovation while maintaining consumer protections will be a key challenge in the months and years to come.
