US crypto advocacy group tops one million members after Biden veto
STAND with Crypto, an advocacy group for cryptocurrency voters, surpassed one million members on June 5. The organization aims to influence politicians to develop a new regulatory framework for digital assets, avoiding stringent compliance requirements.
The cryptocurrency industry is investing heavily in US elections this year to support crypto-friendly candidates and oppose those favoring increased regulation. Coinbase recently announced a $25 million donation to the pro-crypto political action committee Fairshake, matching contributions from Ripple and Andreessen Horowitz.
Stand with Crypto has focused on voters in swing states, boasting nearly 24,000 members in Georgia and over 16,000 in Arizona—key states in the 2020 election.
A surge in membership followed President Biden's May 31 veto of a measure to overturn an SEC accounting bulletin on crypto assets and strong support for a Republican-sponsored bill to establish a new legal framework for digital currencies. The House of Representatives passed the Financial Innovation and Technology for the 21st Century Act with bipartisan support, although the White House opposes it. SEC chair Gary Gensler has warned the bill could introduce new risks for investors and markets.
“It’s just bad politics to be anti-crypto,” 52 million Americans have used cryptocurrencies, representing about one in five voters across all political affiliations.
The White House and Biden's campaign declined to comment, though Biden's campaign has recently increased outreach to the cryptocurrency industry. Trump's campaign announced last month that it would accept crypto donations, while Biden's campaign had no immediate comment on its stance on such donations.
We together are a force! By demanding crypto-friendly politicians in our countries, we can create a more equitable environment for financial freedom and investment independence!
