Coinbase ‘Stand With Crypto’ Movement Sweeps Across America; Voters Rally Behind Crypto-Friendly Candidates

The post Coinbase ‘Stand With Crypto’ Movement Sweeps Across America; Voters Rally Behind Crypto-Friendly Candidates appeared first on Coinpedia Fintech News

Coinbase’s recently unveiled data shows a growing political force in the United States that can’t be ignored: crypto enthusiasts. Surveys from key swing states demonstrate a clear public preference for crypto-friendly presidential candidates. As the political landscape shifts, the crypto exchange is stepping up its advocacy game.

Swing states are U.S. states where voter support for Democrats and Republicans is closely matched, making the election outcomes unpredictable. These states are crucial in presidential elections as they often tip the balance in the Electoral College.

52M Americans own crypto. They’re younger & more diverse than the US population in total. But their voices aren’t being heard by Congress.

That’s about to change.

Here’s what we’re doing—and what you can do to help mobilize 1M people to #StandWithCrypto: https://t.co/stmH0WVUhO

— Coinbase (@coinbase) September 19, 2023

Survey Highlights: A Crypto-Friendly Future?

A recent survey conducted by Coinbase reveals a significant sentiment among voters in swing states like New Hampshire, Nevada, Ohio, and Pennsylvania. A considerable majority are less inclined to support presidential candidates who are against cryptocurrencies and Web3. This development reflects the broader penetration of digital assets, with 13-19% of respondents from these states acknowledging that they own cryptocurrency.

The ‘Stand With Crypto’ Campaign: A Year in Review

Coinbase’s “Stand With Crypto” campaign, launched 14 months ago, has been at the forefront of lobbying for crypto-friendly legislation. But it doesn’t stop at the swing states mentioned above. The exchange also keeps tabs on high-volume crypto-ownership states, including Arizona, California, Georgia, Illinois, and Wisconsin, aiming to shape policy nationwide.

Over 40% of Bitcoin holders in states like Nevada, Ohio, and Pennsylvania use blockchain to send money abroad—often to assist family members in purchasing necessities like food and housing. These transactions are substantially more cost-effective than traditional financial services, underlining the immediate utility of crypto in everyday life.

While a growing faction of U.S. lawmakers is coming around to the idea of clear cryptocurrency regulations, there is still considerable resistance. Coinbase aims to bridge this gap by organizing a “Stand with Crypto Day” in Washington, D.C., on September 27. The event will focus on encouraging more innovative and accommodating policies for the crypto industry.

Mobilizing the Crypto Majority: Democracy in Action

Nearly 90% of Americans want financial system reform, and Coinbase is mobilizing crypto owners to advocate for clear U.S. legislation. As countries like China advance in crypto, the U.S. risks job loss and waning global influence unless it modernizes its financial regulations. Coinbase is using its platform to convert crypto owners into single-issue advocates, asking them to reach out to Congress members for clear and sensible legislation.

The Road Ahead: ‘Financial Innovation and Technology for the 21st Century Act’

As the nation gears up for legislative battles, the “Financial Innovation and Technology for the 21st Century Act” (FIT21) could be the first step toward achieving balanced and clear regulation. The bill has crossed significant milestones and could hit the House floor for a vote this fall.

The upcoming elections could very well see crypto policies tipping the scales, shaping the future of not just the financial system but the nation’s governance.