On June 5, Coinbase CEO Brian Armstrong reported that 1 million people had joined the “Stand With Crypto” campaign as advocates for the industry, adding: “That’s a lot of voters!”
He continued to say that 600,000 of these advocates joined after the White House threatened to use the veto, and “thousands rallied around the successive historic victories achieved by the two parties in the House of Representatives and the Senate.”
“Cryptocurrencies are nonpartisan, and the momentum for pro-crypto politics in America has never been stronger.”
To date, one million people have joined #StandForEncryption As advocates of cryptocurrencies. That's a lot of voters!
600,000 of these supporters joined after the White House threatened to veto, and thousands rallied around the parties' historic successive victories in the House and Senate.
Encryption… pic.twitter.com/IEotx8AXm9
– Brian Armstrong (@brian_armstrong) June 5, 2024
Support for cryptocurrencies is growing in the United States
These comments came in reference to the Biden administration's attempt to block Republican cryptocurrency legislation that would enable banks to hold customers' digital assets.
However, things have turned in the industry's favor recently, with the House of Representatives voting to pass the bill and passing the Financial Innovation and Technology for the 21st Century (FIT21) Act in May.
The Stand with Crypto Alliance, an advocacy organization focused on mobilizing the cryptocurrency community to participate directly in the legislative process, was launched by Coinbase in August 2023 in response to increasingly stringent enforcement actions by regulators.
On June 5, the number of supporters exceeded this number He stands at 1,011,058 at the time of writing. It also received $87 million donated by cryptocurrency supporters to further its cause.
Commenting on potential voters in November's US presidential election, Armstrong said: “It's a much larger voting bloc than most people probably expected.”
Armstrong added that the rise in the group's membership was driven by frustration with the Biden administration's veto power and strong support for the FIT21 bill, which would create a new legal framework for crypto assets giving the Commodity Futures Trading Commission (CFTC) more oversight.
He said in an interview with Reuters:
“I think it's just bad politics to be anti-crypto. There's no constituency to gain by doing that, but you upset a large number of Americans who have used this technology.”
Large donations to pro-crypto candidates
The cryptocurrency industry is spending tens of millions of dollars in this year's elections to boost friendly candidates against those who oppose them.
On June 3, Coinbase announced a $25 million donation to the pro-crypto political action committee (PAC) Fairshake. Other big industry names, including Ripple and venture capital giant Andreessen Horowitz, have also made donations.
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