Over Million Americans Back Coinbase’s Crypto Advocacy; FIT21 Act Awaits Senate Approval
Summary:
Coinbase's PAC, Stand with Crypto Alliance, has over a million supporters advocating for cryptocurrency in Washington, D.C. The group is prioritizing the passage of the FIT21 Act, designed to establish cryptocurrency regulations. Despite more support from Republicans, the bill gained rare bipartisan support in the House, but still awaits approval in the Senate. Cryptocurrency support has entered mainstream political discussion, with recent pro-crypto remarks from ex-President Trump. These developments highlight a potential shift in government outlook towards cryptocurrencies and their role in the future of finance.
Coinbase's political action committee, Stand with Crypto Alliance, created in 2023, revealed that over a million US citizens have joined their cause to initiate change in Washington, D.C. This pro-cryptocurrency committee stated that out of the American population, a whopping 52 million are cryptocurrency holders, and an overwhelming 87% believe the country needs a revamp in its existing financial structure. This is backed by a survey stating that 45% would be unwilling to endorse a candidate opposing cryptocurrency.
The notable news: Bipartisan approval for the FIT21 crypto bill.
The central aim of the Stand with Crypto committee remains the successful enforcement of the "Financial Innovation and Technology for the 21st Century Act" (FIT21). This legislation, once enacted, will be the foundation for establishing comprehensive regulations for the operation of cryptocurrencies and other digital assets within the nation. This proposal has already received approval in the House of Representatives by a vote count of 278-136.
Interestingly, more Republicans (200) backed this bill as compared to Democrats (70). Despite this disparity, the bill still garnered bipartisan endorsement in Washington, symbolic of a rare political consensus. Nonetheless, it still has to gain approval in the Democrat-controlled Senate, which houses strong critics of cryptocurrency like Elizabeth Warren. This issue of crypto regulation and adoption has now become a significant political point of discussion, impacting future election outcomes.
Recent statements from Ex-President Trump endorsing these digital innovations signal that cryptocurrency support has progressed from being a fringe subject to a mainstream topic. Running for the Presidential office in 2024, Trump has expressed his approval for growth in the crypto industry and urged the US to embrace this novelty or risk being left behind. His remarks indicate a major shift in the stance towards Bitcoin (BTC) and other cryptocurrencies.
Ex-President's support has pushed the rival Biden's campaign to actively seek feedback from crypto-industry stakeholders to shape the administration's future policy on cryptocurrencies. Special read: Gordon Goner's riveting journey through serious medical challenges and Bored Apes' third anniversary celebration.
Published At
6/6/2024 12:49:16 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.