US Crypto Advocates Hit 1 Million
In an exciting development, Coinbase CEO Brian Armstrong announced that one million Americans have joined the ‘Stand With Crypto’ movement to advocate for the cryptocurrency industry. This surge in support is a significant milestone that could have a profound impact on future policy decisions. Here’s a breakdown of the key points discussed:
– Coinbase CEO Brian Armstrong reports 1 million people have joined ‘Stand With Crypto’
– 600,000 new advocates joined after a Whitehouse veto threat
– Thousands mobilized around historic bipartisan wins in the House and Senate
Support for US Crypto Industry
The Biden Administration’s recent attempt to block Republican crypto legislation faced a significant setback as the House of Representatives passed the bill. The passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) further solidified support for the industry:
– House of Representatives voted in favor of legislation enabling banks to custody digital assets
– Passing of FIT21 in May strengthened the legal framework for crypto assets and oversight by the CFTC
– Coinbase launched the Stand with Crypto Alliance to advocate for the industry in response to regulatory actions
The Stand with Crypto Alliance has surpassed one million supporters and received significant financial contributions from the crypto community. This growth in support signifies a shift in public opinion towards cryptocurrencies:
– Stand with Crypto Alliance boasts over 1,011,058 supporters
– $87 million donated to support crypto-friendly initiatives
– Strong backing for FIT21 bill and frustration over Biden administration’s veto fuel membership growth
Boosting Pro-Crypto Candidates
The cryptocurrency industry is actively engaging in the political landscape by funding pro-crypto candidates in the upcoming elections. Major players in the industry, including Coinbase, Ripple, and Andreessen Horowitz, have made substantial contributions to political action committees:
– Coinbase donates $25 million to the Fairshake political action committee (PAC)
– Ripple and Andreessen Horowitz join the effort to support pro-crypto candidates
– Industry’s collective donations aim to influence policy decisions and protect crypto interests
Hot Take: Future of Crypto Advocacy
As the crypto community continues to grow and gain support, advocates are becoming a formidable force in shaping policy decisions. The impact of one million individuals standing up for the industry cannot be underestimated. This groundswell of support could pave the way for a more crypto-friendly regulatory environment in the US and beyond.
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