On June 5, Coinbase CEO Brian Armstrong reported that one million people have joined ‘Stand With Crypto’ as advocates for the industry, adding, “That’s a lot of voters!”
He continued to state that 600,000 of these advocates joined after a Whitehouse veto threat, “and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.”
“Crypto is non-partisan and momentum for pro-crypto policy in America has never been stronger.”
As of today, 1 million people have joined #StandWithCrypto as advocates for crypto. That’s a lot of voters!
600k of these advocates joined after a Whitehouse veto threat, and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate.
Crypto… pic.twitter.com/IEotx8AXm9
— Brian Armstrong (@brian_armstrong) June 5, 2024
US Crypto Support Grows
The comments came in reference to the Biden Administration attempting to block Republican crypto legislation that would enable banks to custody digital assets for clients.
However, things have gone in favor of the industry recently, with the House of Representatives voting to pass the bill and the passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May.
The Stand with Crypto Alliance, an advocacy organization focused on mobilizing the crypto community to directly engage in the legislative process, was launched by Coinbase in August 2023 in response to the increasingly heavy-handed enforcement action from regulators.
On June 5, it surpassed a million supporters, with the figure standing at 1,011,058 at the time of writing. It also has had $87 million donated by crypto supporters to further its cause.
Commenting on the potential voters in the November US presidential election, Armstrong said, “It’s a much bigger voting bloc than most people probably would have anticipated.”
Armstrong added that the surge in the group’s membership was fueled by frustration over the Biden administration’s veto and by strong support for the FIT21 bill that would create a new legal framework for crypto assets giving the Commodity Futures Trading Commission (CFTC) more oversight.
Speaking to Reuters, he said:
“I think that it’s just bad politics to be anti-crypto. There’s no voter constituency that you’re winning over by doing that, but you are upsetting a huge number of Americans who’ve used this technology,”
Big Donations for Pro-Crypto Candidates
The crypto industry is spending tens of millions of dollars in this year’s elections to boost friendly candidates against those who are against it.
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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