In June, Coinbase CEO Brian Armstrong proudly announced that over one million individuals have joined the ‘Stand With Crypto’ movement as advocates for the industry. This incredible number of supporters has not gone unnoticed, with Armstrong emphasizing, “That’s a lot of voters!” It is reported that a significant 600,000 advocates joined the movement following a veto threat from the Whitehouse, showcasing the strong response within the crypto community.
Armstrong highlighted the non-partisan nature of the crypto industry and expressed his belief that momentum for pro-crypto policy in America has never been stronger. This sentiment is further reinforced by historic victories in the House and Senate and the passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May. The industry’s resilience in the face of regulatory challenges has led to the establishment of the Stand with Crypto Alliance, an advocacy organization spearheaded by Coinbase to mobilize the crypto community in shaping legislation.
The Stand with Crypto movement has garnered significant support, surpassing one million supporters at the time of writing. With over $87 million donated by crypto enthusiasts to advance its cause, the movement has proven to be a formidable force in advocating for crypto-friendly policies. Armstrong highlighted the increasing influence of crypto supporters as potential voters in the upcoming US presidential election, noting that their voting bloc is larger than anticipated.
Political Strategy
In response to the Biden administration’s attempts to block Republican crypto legislation, Armstrong emphasized the strategic importance of supporting pro-crypto policies. He stated that there is no political gain in being anti-crypto, as it only alienates a large contingent of Americans who have embraced this technology. The crypto industry has mobilized substantial resources, with tens of millions of dollars being allocated to support candidates who prioritize crypto-friendly legislation.
Industry Collaboration
Coinbase’s $25 million donation to the pro-crypto political action committee (PAC) Fairshake is just one example of the industry’s commitment to shaping policy outcomes. Other major players in the industry, such as Ripple and Andreessen Horowitz, have also made substantial contributions to support candidates aligned with the interests of the crypto community. This collaborative effort underscores the industry’s determination to secure a favorable regulatory environment for crypto assets.
The Stand With Crypto movement represents a pivotal moment for the crypto industry, showcasing the collective power of advocacy and grassroots mobilization in shaping policy outcomes. As the industry continues to navigate regulatory challenges, the unity and determination of its supporters will play a crucial role in influencing future legislation and fostering a conducive environment for innovation and growth.
Leave a Reply