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06/06/24
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Over One Million Americans Sign Up as Advocates for Stand with Crypto PAC
Last year, crypto exchange Coinbase introduced a project to advocate for “common-sense” digital asset regulation and later launched the Stand with Crypto Alliance political action committee (PAC). In recent times, it was revealed that the number of Americans who signed up as advocates is now more than one million.
The PAC noted that fifty-two million Americans have crypto, and eighty-seven percent of Americans who participated in a survey said there was a need to overhaul the current financial system. Likewise, according to the results of the survey, forty-five percent of participants are not willing to vote for a candidate who does not support crypto.
Stand with Crypto PAC is still focusing on the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill, as it would initiate the development of a solid regulatory framework for digital assets in the U.S. The House of Representatives passed the bill by a 278-136 vote.
A significant number of Republican lawmakers supported the bill, with two hundred of them voting yes relative to seventy Democrats, representing an uncommon moment of bipartisan support in Washington.
However, the senate, which is under the control of Democrats, needs to pass the bill. Participants within the crypto space and blockchain industry have been pressuring politicians, making crypto a serious political issue with significant impact on the upcoming elections.
Presidential candidate Donald Trump recently announced support for blockchain innovation and crypto, with some other candidates also promising support if elected. Trump said he had no problem with the continuous growth of the crypto industry, emphasizing that the U.S. must embrace innovation and not allow other countries to lead.
His comments and support for the cryptocurrency industry were followed by President Biden reportedly reaching out to players within the industry asking for their input towards future cryptocurrency-related policies.
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