The cryptocurrency industry is flexing its political muscle. Stand With Crypto, a pro-crypto advocacy group launched by Coinbase in 2023, recently announced a major milestone: over 1 million Americans have signed up to be advocates for the industry.
This rapid growth reflects the growing importance of cryptocurrency and blockchain technology in the political landscape.
Founded in August 2023, Stand With Crypto has quickly become a force to be reckoned with.
The organisation's core mission is to advocate for sound policymaking around cryptocurrencies in the United States.
They achieve this through multiple channels:
Membership in Stand With Crypto is quick and easy, with an online signup process that allows for anonymity if desired.
However, despite the option for anonymity, a significant number of members have chosen to provide their physical addresses, demonstrating a strong commitment to the cause.
Stand With Crypto's influence extends beyond its impressive membership numbers. The organisation has also collected more than $87 millions in donations to fuel its advocacy efforts.
These funds are used to mobilise U.S. crypto enthusiasts and push for political outcomes that favour the growth and development of blockchain technology and digital assets.
The crypto industry as a whole has ramped up its political spending in 2024.
With over $160 million invested in campaign finance initiatives, crypto now rivals established industries in its lobbying power.
Notably, Stand With Crypto has also supported groups like the Cedar Innovation Foundation, which has applied pressure on lawmakers who have been hesitant to embrace cryptocurrencies.
Surveys commissioned by the crypto industry reveal both promise and challenges for the future of cryptocurrency.
On the positive side, a Harris Poll suggests that a significant segment of the public, roughly one-third of voters, are considering candidates' views on digital assets before casting their ballots.
This indicates that crypto is no longer a niche concern but is starting to enter the mainstream political conversation.
However, another poll conducted among swing state voters paints a less rosy picture.
It suggests that up to 69% of voters in these crucial states may hold negative views of cryptocurrency.
This highlights the need for continued education and outreach efforts by Stand With Crypto and other industry advocates.
A core focus of Stand With Crypto's advocacy efforts is the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21).
This bill seeks to establish a clear regulatory framework for cryptocurrencies and digital assets in the United States.
The FIT21 Act has already passed the House of Representatives with bipartisan support, demonstrating a growing willingness among lawmakers to engage with the crypto industry.
However, the bill now faces an uphill battle in the Democrat-controlled Senate, where some of crypto's most vocal critics hold seats, such as Senator Elizabeth Warren.
The fate of the FIT21 Act will likely hinge on Stand With Crypto's ability to mobilise its supporters and sway public opinion in favour of the legislation.
Stand With Crypto's strategic focus on swing states like Georgia and Arizona underlines a calculated approach to maximise its impact.
By building a strong membership base in these crucial regions, the organisation seeks to amplify its voice and influence policymakers where it matters most.
This targeted strategy demonstrates a well-coordinated effort to leverage the growing political clout of the crypto community.
The organisation's one million advocates, spread across various states and political affiliations, are sending a clear message to Washington: cryptocurrencies are here to stay, and they are a force to be reckoned with in the political arena.
The recent surge in Stand With Crypto's membership can be attributed, in part, to mounting frustration with the Biden administration's stance on cryptocurrency regulation.
Despite bipartisan support for crypto-friendly legislation, President Biden vetoed a measure that would have limited the Securities and Exchange Commission's (SEC) authority over cryptocurrencies.
The Biden administration, along with SEC Chair Gary Gensler, has expressed concerns about the potential risks associated with widespread cryptocurrency adoption.
This cautious approach has drawn criticism from Stand With Crypto and the crypto industry at large.
Coinbase CEO Brian Armstrong has been especially vocal, calling the veto "politically shortsighted" and highlighting the significant number of Americans invested in cryptocurrency.
Stand With Crypto, along with other advocacy groups, is pressuring the administration to adopt a more pro-crypto approach.
As the crypto community seeks regulatory clarity and supportive frameworks, voting decisions are increasingly influenced by candidates' positions on digital assets.
Politicians are now compelled to develop and articulate clear stances on cryptocurrencies to court the growing crypto demographic.
This shift highlights the growing influence of crypto on US politics, with voters holding candidates accountable for their positions on this emerging technology.
In response to this growing political influence, the Biden administration has initiated outreach efforts to the crypto industry.
Meanwhile, former President Trump's campaign has embraced crypto, accepting cryptocurrency donations.
These contrasting approaches from the two major political parties reflect the growing importance of crypto in the political landscape.
The Stand With Crypto movement highlights the growing political clout of the cryptocurrency industry.
With a rapidly expanding membership base, significant financial backing, and a clear legislative agenda, Stand With Crypto is poised to play a major role in shaping the future of cryptocurrencies in the United States.
This significant development highlights a pivotal shift in the political landscape, requiring candidates like President Biden to navigate the complexities of digital assets to secure voter support.
As the battle for regulatory clarity intensifies, it prompts a fundamental question: will politicians embrace crypto or risk alienating a rapidly growing demographic?
The answer may shape the future of both politics and technology in the digital age.
As the 2024 election approaches, both the industry and policymakers will be watching closely to see how much sway crypto holds with American voters.
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