Stand with Crypto, a group advocating for cryptocurrency holders, has reached over 1 million members, indicating the significant political influence of crypto users. Brian Armstrong of Coinbase, which helped found the group, emphasizes the sizable voting power of this community.
With the aim of shaping favorable regulations for the crypto industry and avoiding stricter compliance measures, cryptocurrency supporters are actively engaging in U.S. elections. Significant financial contributions are being made to support crypto-friendly candidates and oppose those advocating for increased regulation.
Stand with Crypto has focused its efforts on swing states like Georgia and Arizona, where the margin of victory in the 2020 presidential election was narrow. Membership surged following President Biden's veto of a measure challenging the SEC's stance on crypto assets and in support of a Republican-sponsored bill proposing a new regulatory framework for digital currencies.
Despite bipartisan support for the Financial Innovation and Technology for the 21st Century Act, which aims to regulate digital currencies, the White House opposes it, citing concerns raised by SEC Chair Gary Gensler. Coinbase has engaged with White House officials to advocate for favorable crypto policies.
Brian Armstrong stresses the importance of bipartisanship in addressing crypto issues, expressing disappointment in Biden's veto as it risks alienating a significant portion of the electorate. He notes that being anti-crypto is politically unwise, given the widespread use of cryptocurrencies and the lack of clarity in regulations.
Approximately 52 million Americans have used cryptocurrencies, comprising a sizable portion of voters from various political affiliations. Many seek representatives who align with their values on crypto-related matters, though it remains uncertain if these issues will significantly influence voting behavior in the upcoming presidential election.
While Biden's campaign has increased its engagement with the crypto industry, Trump's campaign has already announced its acceptance of crypto donations. However, Biden's campaign has not confirmed whether it is also accepting such donations at this time.