Recently, Coinbase CEO Brian Armstrong announced that one million people have joined the ‘Stand With Crypto’ movement as advocates for the industry. This surge in support is seen as a significant milestone, with Armstrong noting that “That’s a lot of voters!” The movement gained momentum particularly after a Whitehouse veto threat, which resulted in 600,000 advocates joining the cause.
Non-Partisan Momentum
Armstrong emphasized that the crypto industry is non-partisan and that the momentum for pro-crypto policy in America has never been stronger. This statement comes in light of the Biden Administration’s attempts to block Republican crypto legislation, aimed at enabling banks to custody digital assets for clients. However, recent developments have shown a positive shift for the industry, including the passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May.
Coinbase launched the Stand with Crypto Alliance in August 2023, in response to increased regulatory enforcement actions. This advocacy organization focuses on mobilizing the crypto community to actively engage in the legislative process. As of June 5, the alliance has surpassed one million supporters, with over $87 million donated by crypto enthusiasts to support its cause.
With the potential impact on the November US presidential election, Armstrong highlighted the significant voting bloc that the crypto community represents. The surge in membership within the Stand with Crypto movement is fueled by frustration over the Biden administration’s veto and strong support for the FIT21 bill, which aims to create a new legal framework for crypto assets and provide more oversight to regulatory bodies like the Commodity Futures Trading Commission (CFTC).
The crypto industry is not only making its presence felt through advocacy but also through financial contributions towards political campaigns. Companies like Coinbase, Ripple, and venture capital giant Andreessen Horowitz have made significant donations to pro-crypto political action committees (PACs) like Fairshake. Coinbase, for instance, announced a $25 million donation to Fairshake, signaling a commitment to supporting candidates who align with their interests.
The growth of the Stand with Crypto movement reflects the increasing influence and advocacy power of the crypto community. With a focus on non-partisan support and active engagement in policy-making, this movement is shaping the conversation around crypto regulation and industry growth. As political campaigns continue to evolve, it is clear that the crypto industry is determined to make its voice heard and impact elections in favor of pro-crypto policies.