Regulation
Crypto PAC Endorses 18 More Candidates for November Elections
The Stand With Crypto PAC has endorsed 18 more candidates for the November elections. This list of endorsements comprises 15 incumbents and splits the votes to almost a 50/50 ratio between the Democrats and the Republicans.
The PAC is aimed at strengthening the supporters in the political field as the industry works to guarantee that the cryptocurrency and blockchain technologies remain supported in the United States.
Latest Endorsements from Stand With Crypto PAC
New name ambassadors of the Stand With Crypto PAC include senators Kirsten Gillibrand of New York and Rick Scott of Florida, and representatives Dan Goldman of New York, and Young Kim of Califonia. Other candidates that have been endorsed by the PAC include Blake Masters in Arizona for the House seat and Sarah McBride in Delaware for the same.
The PAC has identified these candidates as having a strong appreciation and commitment to expanding the use of cryptocurrency and blockchain technology in the U.S.
A few thousand votes in a handful of states decided the last Presidential election. Do you really want your preferred candidate to stand against 52M Americans who have owned a digital asset and >1M Americans who have declared this intent around digital assets this time around? https://t.co/f1qlfOJ6da
— paulgrewal.eth (@iampaulgrewal) June 17, 2024
In a recent tweet, Paul Grewal, the Chief Legal Officer of Coinbase, highlighted the significance of the crypto vote, stating that the election could be influenced by a few votes in key states. He noted that a large population of Americans is engaged in digital assets and mentioned that political positions on crypto may factor into voters’ choices.
Growing Influence of Crypto Voters
Stand With Crypto PAC revealed that more than 52 million people in the United States own some form of digital currency and 87% of them want to replace the current financial system ‘as it is.’ The PAC has also pointed out that 45% of the surveyed would not vote for the anti-crypto candidate.
The recent approval of “Financial Innovation and Technology for the 21st Century Act” also known as the FIT21 by the House of representatives is evidence of increasing bipartisan on issues to do with cryptocurrency.
The bill, which seeks to provide a legal framework for cryptocurrencies and digital assets in the U.S., was approved with a comfortable margin of 278-136 votes. Although it was sponsored by Republican lawmakers, it was also supported by a large number of Democrats.
Challenges and Strategic Shifts in the Senate
Despite the success in the House, the FIT21 bill faces challenges in the Democrat-controlled Senate, where some critics of cryptocurrency, such as Senator Elizabeth Warren, are influential. The crypto community has not relented and is pushing to ensure that the bill is passed to maintain the momentum.
To this end, Congressman Ro Khanna is scheduled to hold a roundtable conference in Washington, D. C. next month. This event will involve the Biden Administration, Congress, and the crypto industry to map out strategies on how the U. S. can continue to foster innovation in blockchain technology.
In addition, the recent involvement of the former President of the United States, Donald Trump, in the crypto space has also helped to bring this issue to light. Trump has accepted Bitcoin Lightning payments for campaign contributions and has vowed to undo what he has called “Joe Biden’s war on crypto. ” His backing of the Bitcoin market also includes inviting key U. S. Bitcoin miners to a roundtable meeting at Mar-a-Lago.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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