For the first time in history, cryptocurrencies are emerging as a central issue of the US presidential election. With the “Stand with Crypto” initiative, which has registered over one million members, the crypto sector is seeking to influence political decisions and make its voice heard in public debate. As the 2024 election campaign grows, this article explores the growing importance of cryptocurrencies in the US political landscape.
Unprecedented Mobilization
The “Stand with Crypto” initiative was launched by major industry players, including Coinbase, to advocate for cryptocurrency users and promote policies that support financial innovation. With one million members, this public action committee (PAC) works to raise awareness and evaluate candidates’ positions on cryptocurrencies. This unprecedented engagement demonstrates the sector’s willingness to actively engage in the political process and influence decisions made in Washington.
The two main candidates for election, Donald Trump and Joe Biden, have already begun to express their views on cryptocurrencies. Trump has shown clear support for the crypto ecosystem, promising to make the US the global capital of Bitcoin. Biden, while historically more skeptical, seems to be taking a less rigid approach, which could influence voters familiar with cryptocurrencies.
The Impact of Cryptocurrencies on Political Debate
The growing importance of cryptocurrencies in political debate could transform how campaigns are run and funded. According to reports, the crypto industry has already invested nearly $120 million in election campaigns, surpassing traditional sectors such as oil and tobacco. This massive funding allows crypto players to influence public policy and promote innovation-friendly reforms. The growing interest in cryptocurrencies could also lead candidates to adopt more favourable positions to seduce this electorate.
