In a recent announcement, Coinbase CEO Brian Armstrong revealed that over one million individuals have joined the ‘Stand With Crypto’ movement to advocate for the cryptocurrency industry. This massive surge in supporters has not gone unnoticed, with Armstrong highlighting that these members have become a formidable voting bloc. The movement gained traction, particularly after a veto threat from the Whitehouse and the consecutive victories in the House and Senate for pro-crypto policies.
Armstrong emphasized that the Stand With Crypto movement is non-partisan, indicating that support for pro-crypto policies in America has reached unprecedented levels. Despite initial resistance from the Biden Administration towards Republican-led crypto legislation allowing banks to custody digital assets, recent developments have favored the crypto industry. The passing of key bills such as the Financial Innovation and Technology for the 21st Century Act (FIT21) signifies a shift towards a more favorable regulatory environment for cryptocurrencies.
In response to increased regulatory pressure on the crypto industry, Coinbase launched the Stand with Crypto Alliance in August 2023. This advocacy organization aims to directly engage the crypto community in the legislative process, leveraging their collective strength to influence policy decisions. As of the latest update, the alliance boasts over a million supporters and has received substantial financial backing, with $87 million donated by crypto enthusiasts.
Looking ahead to the upcoming US presidential election, Armstrong pointed out that the Stand With Crypto movement represents a significant voting bloc that cannot be ignored. The swell in membership can be attributed to growing frustrations over the Biden administration’s stance on crypto, as well as the widespread support for regulatory frameworks like the FIT21 bill. By rallying behind pro-crypto candidates and causes, the crypto industry is actively shaping the political landscape and investing heavily in campaigns to advance its agenda.
Coinbase’s $25 million donation to the pro-crypto political action committee Fairshake is just one example of the industry’s commitment to influencing policy outcomes. Other major players such as Ripple and Andreessen Horowitz have also made significant contributions to support crypto-friendly candidates and initiatives. This concerted effort to wield influence through financial backing underscores the growing influence of the crypto industry in shaping political decisions.
The Stand With Crypto movement has emerged as a transformative force in American politics, galvanizing a diverse array of supporters to advocate for a more favorable regulatory environment for cryptocurrencies. With a million-strong membership and substantial financial resources at its disposal, the movement has the potential to sway policy decisions and electoral outcomes in the upcoming elections. As the crypto industry continues to assert its influence on the political stage, its impact on shaping the future of digital assets cannot be underestimated.
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