In a recent announcement, Coinbase CEO Brian Armstrong revealed that the ‘Stand With Crypto’ movement has reached one million supporters who are advocating for the crypto industry. This milestone was celebrated by Armstrong, who emphasized the significance of having such a large number of advocates, stating, “That’s a lot of voters!” The surge in membership, with 600,000 advocates joining after a Whitehouse veto threat, highlights the growing momentum for pro-crypto policies in America.
Amidst the political landscape, Armstrong emphasized that crypto is a non-partisan issue and that the momentum for pro-crypto policy in America has never been stronger. Recent wins in the House of Representatives and Senate have demonstrated bipartisan support for the industry, culminating in the passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May. This legislative progress is a testament to the efforts of the Stand with Crypto Alliance, an advocacy organization launched by Coinbase in response to regulatory challenges.
With over one million supporters and $87 million in donations, the Stand with Crypto Alliance has emerged as a formidable force in American politics. Armstrong highlighted the potential impact of this voting bloc in the upcoming presidential election, noting that it is larger than anticipated. The surge in membership was fueled by frustration over regulatory hurdles and support for the FIT21 bill, which aims to create a new legal framework for crypto assets.
Recognizing the need to support friendly candidates, the crypto industry has invested tens of millions of dollars in this year’s elections. Coinbase’s $25 million donation to the pro-crypto political action committee (PAC) Fairshake is just one example of industry support. Other major players, such as Ripple and Andreessen Horowitz, have also made significant contributions to advance the interests of the crypto community.
The increasing influence of crypto advocates in American politics reflects the industry’s commitment to shaping regulatory policies and promoting innovation. With a growing number of supporters and substantial financial backing, the Stand with Crypto Alliance is poised to make a significant impact on the political landscape. As the crypto industry continues to gain momentum, its voice is becoming increasingly influential in shaping the future of digital assets in America.
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