The United States-based cryptocurrency industry advocacy movement Stand With Crypto has reached a major milestone, surpassing one million active supporters.
Coinbase CEO Brian Armstrong made the announcement on June 5, highlighting the size of the number, suggesting it is an important constituency for policymakers.
He noted that after the White House issued a veto threat, 600,000 people joined the advocacy movement, showing the unity and rapid growth of community members under political pressure.
Armstrong also noted that cryptocurrency advocacy transcends party lines and that there is currently strong momentum in supportive cryptocurrency policies in the U.S. His comments were directed at Republican-proposed legislation that the Biden administration is trying to block, which would allow banks to custody digital assets for their customers.
Support for cryptocurrencies grows in the U.S.
Despite the headwinds, the industry recently scored victories with the House of Representatives voting to pass legislation and the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May.
"Stand with Crypto Alliance" is an advocacy organization launched by Coinbase in August 2023, focused on mobilizing the crypto community to directly participate in the legislative process in response to increasingly tough enforcement actions by regulators.
As of June 5, the group has 1,011,058 supporters and has received $8.7 million in donations, which will be used to advance its cause.
Discussing potential voters in the upcoming November U.S. presidential election, Armstrong believes that cryptocurrency advocates constitute a larger voting bloc than expected. He also added that the surge in the group's membership is partly due to disappointment with the Biden administration's vetoes, as well as strong support for the FIT21 bill, which would establish a new legal framework for crypto assets and increase the regulatory powers of the Commodity Futures Trading Commission (CFTC).
Armstrong told Reuters that opposing cryptocurrencies would be politically unwise because it would not win over any voter groups but would anger the many Americans who use the technology.
Candidates supporting cryptocurrency receive huge donations
The cryptocurrency industry has spent tens of millions of dollars in election dollars this year to support crypto-friendly candidates and oppose those who hold opposing views.
Coinbase announced on June 3 that it had donated $25 million to the pro-cryptocurrency political action committee (PAC) Fairshake.
Other industry leaders, including Ripple and venture capital giant Andreessen Horowitz, also made donations, demonstrating the cryptocurrency industry’s growing influence and engagement in the political sphere. #加密货币 #数字资产 $BTC
Conclusion:
The significant growth in the number of supporters of the "Stand With Crypto" movement not only demonstrates the cohesion of the cryptocurrency community, but also reflects the strong public demand for the legal status and regulatory support of cryptocurrencies. As more and more Americans join this advocacy movement, its political influence cannot be underestimated, indicating that cryptocurrencies will play an even more important role in U.S. policymaking.
At the same time, Brian Armstrong’s remarks and large donations from within the industry further highlight the cryptocurrency industry’s commitment to proactive legislation and active participation in the political process.
With an election approaching and legislative victories on the horizon, cryptocurrency advocates are poised to become a political force to be reckoned with, pushing the U.S. toward a more open and innovative financial future.