TL;DR
- Milestone Achievement: Stand With Crypto, supported by Coinbase, has reached 1 million members, advocating for crypto’s importance across various states and political lines, and has established a PAC to influence policy.
- Political Influence & Funding: With millions in donations and significant campaign-finance contributions, the group aims to mobilize crypto enthusiasts to shape policies favorable to blockchain and digital assets.
- Legislative Focus: The alliance’s primary focus is on the FIT21 Act, which aims to establish a regulatory framework for cryptocurrencies in the U.S. The bill has passed the House with bipartisan support and now faces the Senate.
Stand With Crypto, a digital assets advocacy group backed by Coinbase Inc., has achieved a significant milestone: one million members. The organization, which rapidly gained traction online, is making waves in the crypto community and beyond.
StandWithCrypto is about to cross 1m advocates in the next few hours…
I don't think most people have realized how big the crypto voter block is. pic.twitter.com/98XtgLOfSy
— Brian Armstrong (@brian_armstrong) June 5, 2024
Stand with Crypto: A Growing Movement
Founded in August of last year, Stand With Crypto has quickly become a force to be reckoned with. The organization’s first million members have signed up in record time. These advocates span across state lines and political affiliations, united by their belief in the importance of crypto.
Stand With Crypto actively monitors U.S. politicians, similar to how Coinbase once did. They organize public events to raise awareness about digital asset issues and have recently established a political action committee (PAC). This PAC aims to directly engage with candidates and influence policy decisions.
Membership is accessible through a quick online signup process, allowing for anonymity. However, Chief Strategist Nick Carr revealed that most members voluntarily provided physical addresses. Their collective voice sends a clear message to Washington: crypto matters.
Funding and Goals
The organization has not only amassed a million supporters but also collected millions in donations. Stand With Crypto intends to use its financial resources to mobilize U.S. crypto enthusiasts. Their goal is to shape political outcomes that favor blockchain technology and digital assets.
The crypto industry has stepped up its political advocacy efforts. With over $160 million invested in a campaign-finance initiative, crypto now rivals major industries in its lobbying power. Notably, the Cedar Innovation Foundation, an anonymous political organization, has applied pressure on Senator Sherrod Brown (D-Ohio) regarding crypto legislation.
Voter Sentiment
Industry-sponsored surveys conducted by Harris Polls reveal intriguing insights:
- Interest in Crypto Views: One-third of voters consider candidates’ views on digital assets before making decisions. Clearly, crypto’s impact extends beyond the tech-savvy crowd.
- Negative Perceptions: However, a separate poll among swing state voters indicates that up to 69% harbor negative views of cryptocurrency.
The FIT21 Act
Stand With Crypto’s goal is laser-focused on the “Financial Innovation and Technology for the 21st Century Act” (FIT21). This legislation is crucial as it seeks to create a strong regulatory structure for cryptocurrencies and digital assets within the United States.
The bill passed in the House of Representatives by a 278-136 vote. Remarkably, it garnered bipartisan support, with 200 Republicans voting in favor. The bill now faces the Democrat-controlled Senate. Critics, including Senator Elizabeth Warren, will play a pivotal role in its fate.
As the general election approaches, crypto voters remain steadfast. The Stand with Crypto Alliance’s impact reverberates through the halls of power, urging lawmakers to recognize the significance of blockchain technology and its role in shaping the future of finance.
