Stand with Crypto, an advocacy organization representing voters who own cryptocurrencies, achieved a significant milestone on Wednesday as its membership crossed the 1 million mark. The surge in membership reflects the growing influence of crypto supporters in the political arena, with calls for policymakers to establish a new regulatory framework for the digital asset industry while avoiding overly burdensome compliance measures.
Brian Armstrong, CEO of Coinbase, an online platform facilitating crypto transactions and a founding supporter of Stand With Crypto since its inception in August, emphasized the substantial voting power wielded by cryptocurrency users.
“It’s a much larger voting bloc than most people might have anticipated,” Armstrong remarked to Reuters.
As the cryptocurrency sector intensifies its engagement in U.S. elections, substantial financial resources are being allocated to support candidates sympathetic to the industry and oppose those advocating for stricter regulations.
Coinbase recently announced a $25 million contribution to the pro-crypto political action committee Fairshake, matching donations made by other industry players such as Ripple, a crypto payments company, and Andreessen Horowitz, a tech-focused venture capital firm.
Stand with Crypto has strategically targeted voters in swing states, boasting nearly 24,000 members in Georgia and over 16,000 in Arizona. The group’s exponential growth has been fueled by dissatisfaction over President Biden’s veto on May 31 of a measure aimed at overturning the Securities and Exchange Commission’s accounting bulletin on crypto assets, as well as by strong backing for a Republican-sponsored bill proposing a new legal framework for digital currencies.
Despite receiving bipartisan support in the Republican-led House of Representatives, the Financial Innovation and Technology for the 21st Century Act faces opposition from the White House. SEC Chair Gary Gensler has cautioned that the bill could introduce new risks to investors and markets.
Coinbase executives have engaged in discussions with White House and Biden administration officials in recent months to address these concerns, according to a knowledgeable source.
Armstrong emphasized the bipartisan nature of crypto-related issues, refraining from endorsing a specific presidential candidate to ensure bipartisan cooperation in passing necessary legislation. He criticized Biden’s veto as “poor political judgment,” given the widespread bipartisan backing for the measure.
“I believe that taking an anti-crypto stance is simply bad politics. This decision alienates a significant portion of the American population who have embraced this technology,” Armstrong asserted.
Approximately 52 million Americans have utilized cryptocurrencies, constituting roughly one-fifth of voters across party lines, Armstrong estimated. Many of them are frustrated by the lack of clarity in industry regulations and seek representatives who align with their values.
While it remains uncertain whether the burgeoning voter bloc will prioritize digital asset issues in the upcoming November presidential election, Armstrong suggested that a subset may indeed factor these concerns into their voting decisions.
Both the White House and the Biden campaign declined to provide comments on the matter.
However, sources familiar with the situation revealed that Biden’s campaign has intensified its efforts to engage with the cryptocurrency industry and its user base in recent weeks. In contrast, Trump’s campaign announced its acceptance of crypto donations last month, while Biden’s campaign did not immediately respond to inquiries regarding its stance on such contributions.
Related Topics:
