Recently, Coinbase CEO Brian Armstrong made an announcement that one million individuals have joined the ‘Stand With Crypto’ movement as advocates for the cryptocurrency industry. He emphasized the significance of this number by stating, “That’s a lot of voters!” Over 600,000 of these supporters came on board after a veto threat from the White House, while thousands more joined following historic wins in both the House and Senate. The Stand with Crypto Alliance was launched in response to regulatory actions, aiming to engage the crypto community directly in the legislative process. As of now, the alliance has exceeded one million supporters and has received $87 million in donations from crypto enthusiasts.
Armstrong highlighted the non-partisan nature of the crypto industry, pointing out that momentum towards pro-crypto policies in the United States has never been stronger. Recent developments, such as the passing of the Financial Innovation and Technology for the 21st Century Act, have shown a shift in favor of the crypto industry. The industry is investing heavily in supporting candidates who are friendly towards cryptocurrencies, with Coinbase alone pledging $25 million to the pro-crypto political action committee Fairshake.
The surge in membership of the Stand with Crypto Alliance can be attributed to frustrations over the Biden administration’s stance on cryptocurrencies and the support for the FIT21 bill. This bill aims to establish a new legal framework for crypto assets, giving the Commodity Futures Trading Commission (CFTC) more oversight. Armstrong criticized the anti-crypto stance in politics, stating that it is not a winning strategy as it upsets a significant portion of the American population who embrace this technology. The crypto industry is demonstrating its political influence by mobilizing substantial financial resources to promote candidates who align with their interests.
The growing prominence of crypto advocacy in American politics signals a shift in the traditional power dynamics. The industry’s ability to mobilize a significant number of supporters and financial resources has caught the attention of political leaders and policymakers. As the crypto community continues to engage in the legislative process and support candidates who advocate for their interests, the impact of cryptocurrency on the political landscape is likely to increase in the coming years.
