The Coinbase-backed advocacy group Stand With Crypto has emerged as a prominent force in the world of cryptocurrency policy, raising an impressive $2 million in just a few months. With over 80,000 donors contributing to the cause, Stand With Crypto aims to make a significant impact on policymakers and serve as a comprehensive resource for crypto advocacy.
Uniting Crypto Enthusiasts
The organization has garnered support from more than 100,000 amateur crypto enthusiasts across the nation. Its website offers a user-friendly platform for individuals to engage with policymakers and gain insights into their stance on cryptocurrency. Stand With Crypto has already compiled over 16,000 calls and emails to members of Congress, demonstrating their commitment to grassroots communication.
Influential Contributors
Notably, half of the $2 million raised came from a single donor – Brian Armstrong, CEO of Coinbase. Other significant contributors include David Bleznak, co-founder of Draper Goren Blockchain, and Moonwell, an open lending and borrowing platform for decentralized finance.
“Our goal is to truly unite and coalesce the crypto grassroots community,”
– Carr, spokesperson for Stand With Crypto
Stand With Crypto plans to utilize the funds to expand their policy-influencing capabilities, incorporating AI-assisted engagement with legislators. The organization also aims to provide informative sections on elected officials’ cryptocurrency opinions.
Navigating Cryptocurrency Politics
On their website, Stand With Crypto highlights pro-crypto lawmakers such as Ron DeSantis and Kirsten Gillibrand. At the same time, they shed light on politicians who have expressed opposition to cryptocurrency, including Elizabeth Warren and Brad Sherman.
It is important to note that Stand With Crypto, though presented as a grassroots movement, has its roots in Coinbase. The cryptocurrency exchange has played a significant role in the group since its launch in August.
“Centralized lobbying is not going to get it done in Washington,”
– Kara Calvert, Head of U.S. Policy for Coinbase
Kara Calvert, Coinbase’s Head of U.S. Policy, emphasizes the power of support from constituents in shaping crypto policy. Lawmakers are more likely to respond to the concerns of their constituents rather than companies like Coinbase, highlighting the importance of Stand With Crypto’s grassroots approach.
The announcement from Stand With Crypto comes at a time of uncertainty in crypto policy. While the House of Representatives has made progress with two crypto-related bills, the Senate demonstrates a greater level of caution and hesitancy in taking action.
The first bill addresses crypto market structure and proposes placing the Commodity Futures Trading Commission in charge of regulating much of the token market. The second bill aims to establish a regulatory framework for stablecoins. However, the latter faces significant opposition from Senate Democrats who argue that the bill has “major flaws,” including Representative Maxine Waters.
