- Coinbase CEO Brian Armstrong revealed that one million individuals have joined the ‘Stand With Crypto’ movement, asserting their support for the industry.
- Armstrong highlighted that 600,000 of these supporters joined following a Whitehouse veto threat, demonstrating significant mobilization around recent bipartisan victories in Congress.
- “Crypto is non-partisan and momentum for pro-crypto policy in America has never been stronger,” Armstrong emphasized.
Discover how the ‘Stand With Crypto’ movement is gaining traction in the US as voters and advocates drive policy changes towards greater crypto acceptance.
US Crypto Support Grows
Armstrong’s comments referenced the Biden Administration’s attempts to block Republican-led crypto legislation, which sought to permit banks to offer custody services for digital assets.
However, the industry has experienced favorable outcomes recently, with the House of Representatives passing the bill and the approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) earlier this May.
Launched by Coinbase in August 2023, the Stand with Crypto Alliance aims to mobilize the crypto community to actively participate in the legislative process, countering aggressive regulatory actions.
As of June 5, the alliance surpassed its milestone of one million supporters, accumulating a notable $87 million in donations from crypto advocates.
Highlighting the implications for the upcoming US presidential election in November, Armstrong remarked, “It’s a much larger voting bloc than many would have expected.”
He attributed the rise in membership to the discontent over the Biden administration’s veto and the strong backing for the FIT21 bill, which proposes a new legal framework for crypto assets under the oversight of the Commodity Futures Trading Commission (CFTC).
In an interview with Reuters, Armstrong stated:
“I think that it’s just bad politics to be anti-crypto. There’s no voter constituency that benefits from this stance, but it does alienate a significant portion of Americans who use this technology.”
Big Donations for Pro-Crypto Candidates
The crypto industry is investing heavily in this year’s elections to support candidates favorable to its cause, with tens of millions of dollars flowing into political campaigns.
On June 3, Coinbase announced a substantial $25 million donation to the pro-crypto political action committee (PAC) Fairshake. Other major industry players, such as Ripple and venture capital firm Andreessen Horowitz, have also contributed significant funds.
Conclusion
In a rapidly evolving political landscape, the ‘Stand With Crypto’ movement is gaining momentum, with a growing number of advocates and substantial financial support. This surge reflects crypto’s increasing influence as a political force, potentially shaping future US policies in favor of digital assets. As the November elections approach, the impact of this mobilized voter base remains to be seen, but the message is clear: the crypto community is ready to make its voice heard.
