Stand with Crypto PAC surpasses 1 million supporters in push for cryptocurrency regulation

TLDR

• Stand with Crypto Alliance PAC, launched by Coinbase in 2023, has gained over 1 million supporters
• The PAC is focused on passing the “Financial Innovation and Technology for the 21st Century Act” (FIT21), which aims to develop a regulatory framework for cryptocurrencies and digital assets in the United States
• The cryptocurrency industry has become a significant political issue, with community and industry pressure influencing the 2024 presidential election
• Former President Trump recently expressed support for the growth of the cryptocurrency industry, marking a change from his previous position
• Stand with Crypto has targeted voters in swing states, with nearly 24,000 members in Georgia and more than 16,000 in Arizona

The stand with Crypto The Alliance Political Action Committee (PAC), launched by Coinbase in 2023, recently announced that more than 1 million Americans have signed on as supporters to make their voices heard in Washington, D.C.

The pro-cryptocurrency PAC says 52 million Americans hold some form of cryptocurrency and 87% of respondents believe the current financial system needs an overhaul.

The rapid growth of Stand with Crypto PAC highlights the growing importance of cryptocurrency and blockchain technology in the political landscape. The organization has raised millions in donations and aims to mobilize US cryptocurrency enthusiasts towards political outcomes that favor the technology.

One of the main goals of the Stand with Crypto PAC is the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21).

This bill, which would begin the development of a robust regulatory framework for cryptocurrencies and digital assets in the United States, has already passed the House of Representatives with bipartisan support.

However, the decision still needs to be approved by the Democratic-controlled Senate, where some of cryptocurrencies’ most vocal critics sit.

The cryptocurrency industry’s influence on politics has grown significantly, with the 2024 presidential elections and beyond being influenced by the issue.

Former President Trump’s recent support for cryptocurrencies and blockchain innovation in America demonstrates that the topic has evolved from a niche interest to one of national attention.

This change in attitude stands in contrast to Trump’s previous stances against Bitcoin and cryptocurrencies, potentially reflecting a broader reversal in government attitudes towards digital assets in the United States.

Stand with Crypto has targeted voters in swing states, with nearly 24,000 members in Georgia and more than 16,000 in Arizona.

The organization’s chief strategist, Nick Carr, said the million supporters from across states and political borders are sending a clear message to Washington that cryptocurrencies are a front-line issue.

Coinbase CEO Brian Armstrong, a major donor to the group, expressed his satisfaction with Stand with Crypto’s rapid growth, noting that with five months until the general election, crypto voters are not slowing down their efforts.

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