Stand with Crypto, a voter advocacy organization for cryptocurrency owners, reached a milestone of over 1 million members on Wednesday. This surge in membership reflects a growing movement to influence politicians to establish a more favorable regulatory framework for cryptocurrencies while avoiding stringent compliance demands.
Coinbase CEO Brian Armstrong highlighted the significant voting power of cryptocurrency users, noting their potential to sway elections. His comments come as the cryptocurrency industry intensifies its political efforts, pouring tens of millions of dollars into supporting crypto-friendly candidates and opposing those favoring tighter regulations.
This week, Coinbase announced a $25 million donation to the pro-crypto political action committee Fairshake, aligning with similar contributions from Ripple and the venture capital firm Andreessen Horowitz. Stand with Crypto has strategically targeted voters in key swing states, boasting nearly 24,000 members in Georgia—a state President Biden won by a margin of 11,779 votes in 2020—and over 16,000 in Arizona, where Biden’s victory margin was slightly over 10,000 votes.
The group’s growth was particularly spurred by disappointment over President Biden’s recent veto of a bill that would have overturned an SEC bulletin on crypto assets. The bill, supported by Republicans and some Democrats, aimed to establish a new legal framework for digital currencies. Despite the bipartisan backing in the House, the White House opposed the bill, citing potential new risks to investors and markets as highlighted by SEC Chair Gary Gensler.
Despite his influential position, Armstrong has refrained from endorsing a presidential candidate, emphasizing the need for bipartisan support to pass meaningful crypto legislation. However, he critiqued Biden’s veto as a political misstep, suggesting that opposing cryptocurrency could alienate a significant segment of American voters.
Coinbase estimates that 52 million Americans have engaged with cryptocurrencies, encompassing a diverse political spectrum. This demographic is increasingly determined to support representatives who reflect their pro-crypto stance, with some potentially basing their voting decisions on cryptocurrency policy issues in the upcoming November presidential election.
Both the Trump and Biden campaigns are adjusting their strategies regarding cryptocurrency, with Trump’s campaign recently starting to accept donations in crypto. The Biden campaign has yet to confirm its stance on accepting such donations.
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