Summary: Stand with Crypto PAC Gains Support for Pro-Crypto Legislation
Stand with Crypto Alliance PAC, launched by Coinbase in 2023, has gained over 1 million advocates
The PAC focuses on the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21)
The crypto industry has become a significant political issue, with pressure from the community and industry influencing the 2024 presidential election
Former President Trump has recently expressed support for the growth of the crypto industry
Stand with Crypto has targeted voters in swing states, with nearly 24,000 members in Georgia and over 16,000 in Arizona
The Stand with Crypto Alliance PAC Movement
The Stand with Crypto Alliance political action committee (PAC), led by Coinbase in 2023, has reported that over 1 million Americans have joined as advocates to amplify their voices in Washington, D.C.
Claiming that 52 million Americans have invested in some form of cryptocurrency, the pro-crypto PAC asserts that 87% of those surveyed believe the current financial system requires a reform.
With a surge in growth, the Stand with Crypto PAC underscores the rising significance of cryptocurrency and blockchain technology in politics. By amassing substantial donations, the organization aims to rally U.S. crypto supporters towards political outcomes favoring the technology.
Political Focus on the Financial Innovation and Technology Act
The Stand with Crypto PAC primarily aims to advocate for the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21).
- This bill seeks to establish a robust regulatory framework for cryptocurrencies and digital assets in the U.S.
- Having achieved bipartisan support in the House of Representatives, FIT21 now awaits approval in the Democrat-controlled Senate, where some crypto critics hold influence.
Influence of Crypto Industry on Politics
The cryptocurrency industry’s growing influence on politics is evident, with the forthcoming 2024 presidential election being shaped by the issue.
Former President Trump’s recent endorsement of cryptocurrencies and blockchain advancement in America signals a shift from his prior stance against Bitcoin and digital assets.
This transition could signal a broader change in governmental attitudes toward digital currencies in the United States.
Advocacy in Swing States
Stand with Crypto has strategically targeted voters in swing states, boasting nearly 24,000 members in Georgia and over 16,000 in Arizona.
Nick Carr, the organization’s chief strategist, emphasizes that the one million advocates spanning different states and political affiliations are sending a clear message to Washington about the frontline importance of crypto.
Coinbase CEO Brian Armstrong, a major donor to the group, expresses satisfaction with the rapid growth of Stand with Crypto, noting the continued dedication of crypto voters as the general election approaches.
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