Crypto Regulation Advocacy Group Stand With Crypto PAC Gains Over 1 Million Supporters
Stand with Crypto, a political action committee (PAC) launched by Coinbase in 2023, has garnered support from over 1 million Americans. The PAC is focused on advocating for the passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21), which aims to establish a regulatory framework for cryptocurrencies and digital assets in the United States.
The cryptocurrency industry has emerged as a significant political issue, with growing pressure from the community and the industry influencing the upcoming 2024 presidential election. Notably, former President Trump has recently expressed support for the growth of the crypto industry, signaling a shift from his previous stance.
Stand with Crypto has strategically targeted voters in swing states, amassing nearly 24,000 members in Georgia and over 16,000 in Arizona. The organization has emphasized the importance of mobilizing the crypto community to advocate for political outcomes that align with the interests of the technology.
The rapid growth of the Stand with Crypto PAC underscores the increasing significance of cryptocurrency and blockchain technology in the political landscape. The organization has received substantial donations and aims to rally U.S. crypto enthusiasts to support legislation that favors the industry.
The primary goal of the Stand with Crypto PAC is the passage of the FIT21, which has already received bipartisan support in the House of Representatives. However, its approval in the Democrat-controlled Senate remains uncertain, given the presence of vocal critics of the crypto industry.
The influence of the cryptocurrency industry on politics has expanded, with the issue expected to shape the 2024 presidential election and subsequent government policies. The recent endorsement of cryptocurrencies and blockchain innovation by former President Trump reflects the evolution of the topic from a niche interest to a matter of national significance.
Stand with Crypto’s chief strategist, Nick Carr, emphasized that the one million advocates, spanning various states and political affiliations, are sending a clear message to Washington, highlighting the importance of crypto as a frontline issue. Coinbase CEO Brian Armstrong, a major donor to the group, expressed satisfaction with the PAC’s rapid growth, noting the relentless efforts of crypto voters leading up to the general election.
