1M People “Stand with Crypto” Ahead of US Election

The group has continued to gain support across the industry, now reaching another major milestone.

A giant Brian Armstrong of Coinbase towering over a huge crowd of small people.
Created by Gabor Kovacs from DailyCoin
  • The ‘Stand with Crypto’ advocacy group has reached a major milestone. 
  • Stand with Crypto has pulled the support of several notable industry figures.
  • The advocacy group has received funding support and donations across the industry.

Over the past years, the crypto industry has united in calling for friendlier regulatory standards and principles to support the growth of the asset class. The relentless enforcement approach adopted by authorities, particularly in the United States, has hardened this stance, leading to the formation of advocacy groups to challenge these regulations.

Championing this cause, the pro-industry advocacy group “Stand with Crypto” has garnered significant support, and is now celebrating a major milestone.

PAC Group ‘Stand With Crypto’ Hits 1M

On Wednesday, June 5, 2024, Stand with Crypto, the political action committee dedicated to empowering the industry and facilitating a policy change, announced reaching a record one million member mark.

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This marks a major milestone for the group within its ten months of launch, amassing several supporters across the United States. Some of its key regions include Georgia, where it has pulled over  24,000 members, and Arizona, with approximately 16,000  backers.

Chief strategist Nick Carr emphasized the milestone’s significance for the industry, asserting that it highlights the supportive power of the collective crypto community ahead of the upcoming elections.

Also lauding the growth, Coinbase CEO Brian Armstrong, an open advocate of the group, emphasized that the large number of supporters represents a substantial voting bloc. He noted that the momentum for pro-crypto policy in America is at an all-time high, referencing the recent President Biden-SEC veto rule as a significant factor in fueling the surge in support.

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Stand with Crypto’s 1 million milestone charts a positive trajectory for the crypto industry, especially in light of upcoming elections where the asset class is gaining attention.

US Election Hopefuls Turning to Crypto?

The increasing aspirations among upcoming election candidates have prompted some of the major hotels to shift from their once rigid stance against the industry, now signaling open arms to support the growth of the sector.

Leading the charge, U.S. presidential hopeful Donald Trump has taken a strong liking to the industry, openly campaigning on the promise to ensure an accommodating ecosystem for crypto in the United States.

“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry,” stated Trump. 

Contradicting his renowned anti-industry stance, U.S. President Biden is also reportedly seeking reparations with industry experts. Notable figures such as Mark Cuban and Charles Hoskinson have also predicted that the president’s anti-crypto stance could cost him his current position.

On the Flipside

  • Stand With Crypto has raised over $87 million from industry advocates.
  • Coinbase and Ripple recently contributed $25 million each to the advocacy group.
  • Donald Trump was recently convicted on a 34-count charge and faces up to five years in prison if sentenced.

Why This Matters

The milestone of 1 million allies for Stand with Crypto PAC underscores the growing support from pro-industry advocates, reflecting the increasing number of people who are committed to seeing a change in political leadership to support favorable regulatory standards.

Here’s how crypto could play a role in the upcoming elections, read more:
Crypto Could Decide 2024 Elections: Here’s Why 

Read here to find out more about the recent comments by Ethereum co-founder Buterin on the 2024 celeb-memecoin wave:
Vitalik Buterin “Unhappy” with Celebrity Memecoin Cycle

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.