“The Stand with Crypto Alliance” political action committee (PAC) announced its launch

“The Stand with Crypto Alliance” political action committee (PAC), launched by Coinbase in 2023, recently announced that more than 1 million Americans have pledged to act as advocates and make their voices heard in Washington, DC.

According to a pro-crypto political action committee, 52 million Americans own some form of cryptocurrency, and 87% of Americans surveyed believe the current financial system needs an overhaul. Stand with Crypto also claimed that 45% of participants would not vote for an anti-crypto candidate.

about: The US House of Representatives approves the FIT21 cryptocurrency bill with bipartisan support..

Passage of the “Financial Innovation and Technology for the 21st Century Act” (FIT21) continues to be the main focus of the pavilion with the Crypto PAC. The bill, which would begin the process of developing a robust regulatory framework for cryptocurrencies and digital assets in the United States, passed the House of Representatives by a vote of 278 to 136.

The bill received more support from Republican lawmakers, 200 of whom voted in favor, compared to 70 Democrats who voted yes to FIT21. These numbers represent yet another rare moment of partisan support in Washington

However, the bill still needs to pass the Democratic-controlled Senate, where some of the harshest critics of cryptocurrencies, like Elizabeth Warren, sit.

Pressure from the cryptocurrency community and blockchain industry has pushed cryptocurrencies into a hot political topic with ramifications for the 2024 presidential election and beyond.

The recent support for cryptocurrencies and blockchain innovations in America from former President Trump shows that support for cryptocurrencies has moved from a niche topic to one of national interest.

The 2024 presidential candidate explained that he has no problem with the cryptocurrency sector continuing to grow and stressed that innovation must be adopted in the United States or it will be elsewhere. This would place the United States at a significant disadvantage when it comes to the future of money and finance.

Trump’s comments stand in stark contrast to his previous stances against Bitcoin (BTC) and cryptocurrencies, which could reflect a broader reversal in the government’s attitude toward digital assets in the United States.

Following the former president’s comments and his support for the cryptocurrency industry, his rival Joe Biden’s campaign has reportedly contacted industry players to seek their opinions on the administration’s future cryptocurrency policy.

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