Stand With Crypto, a digital assets advocacy group supported by Coinbase, has surpassed one million members, amassed millions in donations, and launched a U.S. campaign fund within ten months. The organization aims to shift digital asset policy in the U.S. by mobilizing crypto-interested voters.
Rapid Growth and Political Action
Stand With Crypto has not only gained significant financial support but also started its own political action committee (PAC) to influence specific races. The group’s primary focus is to direct a wave of crypto advocates towards influencing U.S. digital asset policy.
Engaging the Community
Membership in Stand With Crypto is straightforward, requiring only a quick online sign-up, with anonymity options available. According to Chief Strategist Nick Carr, the majority of members have provided physical addresses. “One million advocates from across state and political lines are sending a clear message to Washington. Crypto is a frontline issue, and we have the numbers to back it up,” said Carr.
Political Influence and Funding
Since its inception in August of last year, Stand With Crypto has raised millions in donations. This funding is intended to mobilize U.S. crypto enthusiasts to support political outcomes favorable to the technology. Coinbase CEO Brian Armstrong, a leading donor to the group, emphasized the group’s urgency: “With exactly five months until the general election, crypto voters are not taking their foot off the gas.”
Broader Advocacy Efforts
The crypto industry has significantly ramped up its political advocacy efforts this year. Over $160 million has been invested in a campaign-finance effort that competes with major industries and political parties’ own congressional funds. Additionally, the industry has anonymously supported organizations like the Cedar Innovation Foundation to pressure influential politicians such as Sen. Sherrod Brown (D-Ohio), whose Senate Banking Committee has yet to address major crypto legislation.
Also Read: Regulatory Changes Could Unlock $20 Trillion for Crypto: Bitwise
Voter Sentiments on Cryptocurrency
Recent industry-sponsored surveys conducted by Harris Polls highlight mixed voter sentiments towards cryptocurrency. One poll revealed that one-third of voters consider candidates’ views on digital assets when making decisions. However, another survey of swing state voters indicated that up to 69% held negative views on cryptocurrency.
Stand With Crypto’s rapid growth and substantial influence underscore the rising political significance of digital assets. As the general election approaches, the group’s activities could play a crucial role in shaping U.S. digital asset policies.
