Crypto advocacy group gains 1 million members, lobbying for crypto-friendly policies

From Investing.com: 2024-06-05 22:10:36

Stand with Crypto, catered to cryptocurrency voters, boasts over 1 million members in efforts to influence the regulatory landscape for digital assets. Coinbase CEO, Brian Armstrong, highlights the significant voting power of crypto users and their support for crypto-friendly candidates.

The crypto industry invests millions in U.S. elections to advocate for regulatory policies favorable to cryptocurrencies. Coinbase donated $25 million to the pro-crypto PAC Fairshake, supporting candidates who understand and support digital currencies.

Stand with Crypto strategically targets swing states like Georgia and Arizona, where tight margins in the 2020 election show the potential influence of cryptocurrency voters. Biden’s recent veto of a measure on crypto assets has fueled frustration among voters backing a Republican-sponsored bill for a new regulatory framework.

The Financial Innovation and Technology for the 21st Century Act, supported by the Republican-led House, faces opposition from the White House and SEC Chair Gary Gensler. Coinbase engages with the Biden administration to push for bipartisan support on critical digital asset legislation.

Coinbase reports that 52 million Americans have used cryptocurrencies, representing a substantial portion of voters across party lines. The lack of clear regulations in the industry fuels voter frustration and drives the need for legislators aligned with their values. The impact of digital asset issues on the upcoming presidential election remains uncertain but could influence some voters.

Read more at Investing.com: U.S. crypto advocacy group tops 1 million members after Biden veto By Reuters