Coinbase CEO Brian Armstrong announced that nearly one million people have signed on in support of Stand With Crypto, a nonprofit advocating for clear regulations in the digital asset industry. Armstrong shared his statement in a June 5 post on X.
"StandWithCrypto is about to cross 1m advocates in the next few hours," said Armstrong. "I don't think most people have realized how big the crypto voter block is."
According to the nonprofit's website, as of June 12, 1,085,421 individuals had signed on in support of the initiative, and the organization had received $87 million in donations. The organization encourages Americans to contact their members of Congress to advocate for regulatory measures for the crypto industry. In addition to Coinbase, companies supporting Stand With Crypto include Kraken and Paxos. The organization reports that 52 million Americans own crypto, with 60% being Gen Z or Millennials and 41% identifying as racial minorities.
Stand With Crypto maintains a list of politicians with ratings indicating their level of support for the crypto industry. Politicians classified as "strongly supportive" include Senator Cynthia Lummis (R-WY), U.S. Representatives Tom Emmer (R-MN), Yadira Caraveo (D-CO), Dean Phillips (D-MN), and former president Donald Trump. Politicians classified as "against" or "strongly against" include President Joe Biden, Senator Elizabeth Warren (D-MA), and Congressman Roger Marshall (R-KS).
Entrepreneur Mark Cuban stated he believes crypto will play a significant role in the upcoming presidential election, Yahoo Finance reported. Last week, Cuban said Biden may have to choose between Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), and winning the votes of crypto supporters. In May, Cuban criticized Gensler for making it "nearly impossible" for crypto exchanges to operate in the U.S., while also failing to protect investors.
Last summer, Lummis said the SEC is relying on a "regulation by enforcement" approach to the crypto industry, which she claimed is harming consumers. Lummis shared her statement after the SEC filed lawsuits against leading crypto exchanges including Coinbase and Binance. "The SEC has failed to provide a path for digital asset exchanges to register," she said. "Real consumer protection requires creating a robust legal framework that exchanges can comply with."
Coinbase enables users to buy, sell, and store digital assets on its platform. According to Investopedia, the company operates in more than 100 countries and had 108 million users as of 2022.
