US crypto advocacy group ‘Stand With Crypto’ has over 1 million members after Joe Biden’s veto. Coinbase CEO Brian Armstrong said the rapid growth of this group reflects the potential voting power of cryptocurrency users.
US crypto advocacy group ‘Stand With Crypto’ has over 1 million members after Joe Biden’s veto. Coinbase CEO Brian Armstrong said the rapid growth of this group reflects the potential voting power of cryptocurrency users.
This increase in membership came after Joe Biden’s veto on May 31, which was aimed at overturning the Securities and Exchange Commission’s (SEC) audit bulletin on crypto assets. Additionally, strong support for the Republican-sponsored bill ‘Financial Innovation and Technology for the 21st Century Act’, which proposes a new legal framework for digital currencies, also contributed to the rise.
Joe Biden Vs Brian Armstrong
Armstrong said he is not endorsing any presidential candidate because he believes crypto issues should be bipartisan to ensure necessary legislation is passed. However, he noted that Joe Biden’s recent veto was clearly “a bad political move” that had broad bipartisan support.
I think it’s just bad politics on your part to be against crypto. “You’re not winning over any voter group by doing this, but you are offending a large number of Americans who have used this technology,” he said.
Where do American Stand?
Coinbase estimates that 52 million Americans have used cryptocurrencies, which represents approximately one in five Democrat, Republican or independent voters. Many were frustrated that the rules for the industry were not clear.
They want to elect representatives who are consistent with their values, he said, adding that it is unclear whether people in this rapidly growing “voter block” will cast their votes based on digital asset issues in the November presidential election. , but a subgroup can certainly do it.
The White House and Biden declined to comment.
However, a source familiar with the matter noted that Joe Biden’s campaign has recently increased its outreach to the industry and cryptocurrency users.
As far as the Trump campaign is concerned, it announced last month that it would accept donations in crypto.
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