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In a big move for the cryptocurrency industry, the Stand with Crypto Alliance political action committee (PAC), launched by Coinbase in 2023, has announced that more than 1 million Americans have joined their cause. They are set to influence policy in Washington, D.C. 

This comes as both major political parties in the U.S. navigate their positions on cryptocurrency, with Trump's campaign recently announcing it would accept donations in crypto and Biden's campaign yet to comment on the matter.

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Stand With Crypto

According to the pro-crypto PAC, 52 million Americans currently hold some form of cryptocurrency. A recent survey reveals that 87% of Americans believe the existing financial system requires significant changes, and 45% of respondents indicated they would not support an anti-crypto candidate in elections.

Brian Armstrong, CEO of Coinbase, emphasized the broad appeal of cryptocurrency across the political spectrum. “52 million Americans have used cryptocurrencies,” Armstrong said, noting this encompasses roughly one in five Democrats, Republicans, or independent voters. 

Many users are frustrated by the lack of clear regulations in the industry. “They’re looking to elect representatives that are aligned with their values,” Armstrong added.

A Powerful Voter Bloc

The rapid growth of the Stand with Crypto Alliance underscores the potential influence of cryptocurrency advocates in upcoming elections. 

Armstrong highlighted that this group represents a substantial and underestimated voting bloc.

 The cryptocurrency industry is expected to invest tens of millions of dollars in the 2024 U.S. elections to support crypto-friendly candidates and oppose those advocating for stringent regulations.

Earlier this week, Coinbase announced a $25 million donation to the pro-crypto political action committee Fairshake. This contribution matches recent donations from Ripple, a prominent crypto payments company, and Andreessen Horowitz, a tech-focused venture capital firm.

Crypto in the Swing States

Stand with Crypto has strategically focused its efforts on swing states. The group now boasts nearly 24,000 members in Georgia, a state where President Biden narrowly defeated Donald Trump in the 2020 election. And they have over 16,000 members in Arizona, another key battleground.

A surge in membership was driven by President Biden's veto on May 31 of a measure that sought to overturn the Securities and Exchange Commission's (SEC) accounting bulletin on crypto assets. This veto, along with strong support for a Republican-sponsored bill aimed at establishing a new legal framework for digital currencies, has galvanized crypto advocates.

 The Financial Innovation and Technology for the 21st Century Act recently passed in the House of Representatives with bipartisan support, despite opposition from the White House and concerns raised by SEC Chair Gary Gensler about potential risks for investors and markets.

Seeking Bipartisan Support

While Armstrong has not endorsed any presidential candidate, he stressed the importance of maintaining bipartisan support for cryptocurrency issues to ensure the passage of necessary legislation. 

He criticized Biden's veto as bad policy. Claiming it was a mistake, given the broad bipartisan backing for the measure. “I think it’s just bad politics to be anti-crypto,” Armstrong said. “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.”

As the 2024 election approaches, the Stand with Crypto Alliance and its supporters are poised to play a crucial role in shaping the political landscape, advocating for policies that support the growth and adoption of cryptocurrency in the United States.