The ‘Stand with Crypto’ political action committee (PAC), launched by Coinbase in 2023, recently revealed that over 1 million Americans have joined as advocates to make their voices heard in Washington, D.C.
This pro-crypto PAC stated that 52 million Americans possess some type of cryptocurrency and 87% of those surveyed think the current financial system requires significant changes. Additionally, 45% of respondents indicated they would not support an anti-crypto candidate.
The passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) remains a key objective for the Stand with Crypto PAC. This legislation aims to create a comprehensive regulatory framework for cryptocurrencies and digital assets in the U.S. and was passed in the House of Representatives with a 278-136 vote.
The bill saw more backing from Republican lawmakers, with 200 votes in favour, compared to 70 supportive votes from Democrats. This marks a notable instance of bipartisan cooperation in Washington, D.C.
However, the bill still needs approval from the Democrat-led Senate, where notable critics of cryptocurrency, such as Elizabeth Warren, are present.
Pressure from the crypto community and the blockchain sector has turned cryptocurrency into a prominent political issue, influencing the 2024 presidential election and beyond.
Former President Trump’s recent support for cryptocurrencies and blockchain innovation in America highlights the shift from crypto being a niche issue to a topic of national importance.
The 2024 presidential candidate stated he supports the growth of the crypto industry and emphasised the need for the U.S. to embrace innovation to avoid falling behind globally in terms of financial advancements.
Trump’s current stance marks a significant change from his previous opposition to Bitcoin and cryptocurrencies, suggesting a broader shift in government views on digital assets in the U.S.
Following Trump’s supportive remarks, Joe Biden’s campaign reportedly sought input from industry players regarding future crypto policies.