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Advocacy Group ‘Stand With Crypto’ Says It’s Exceeded 1 Million Signups

Jun 5, 2024
  • Organizers of Stand With Crypto say the advocacy group is directing a wave of crypto-interested voters toward shifting digital assets policy in the U.S.
  • In about 10 months since launching, the organization has gathered millions in donations and also started its own political action committee to influence individual races.

As a researcher with a background in political science and experience in studying the intersection of technology and politics, I find the rapid growth of Stand With Crypto, a digital assets advocacy group backed by Coinbase Inc., to be an intriguing development in the evolving landscape of political advocacy.

According to Stand With Crypto, a digital assets advocacy organization supported by Coinbase, they reached a significant milestone of one million members on Wednesday.

An expanding community of crypto advocates on the internet evaluates American politicians much like Coinbase did in the past, organizes public forums to discuss digital asset concerns, and recently founded a Political Action Committee (PAC) to collaborate with political candidates directly. Joining this organization is effortless, just requiring a brief online registration, although the membership list preserves anonymity. According to Chief Strategist Nick Carr, most members have disclosed their physical addresses.

Approximately one million advocates hailing from various states and political backgrounds are collectively voicing their stance towards Washington D.C. Regarding cryptocurrencies, this is a significant matter of concern, and we possess the substantial support to validate our position. (Carr’s statement paraphrased)

The site for this newly formed group, established in August the previous year, announced they have amassed millions in donations and plan to utilize these funds to rally American crypto supporters towards political objectives that support the use of cryptocurrency technology.

“I, as an observer, am pleased to announce that the ‘Stand With Crypto’ movement surpassed its one million-strong supporter milestone ahead of schedule. With only five months remaining until the general election, it is clear that the crypto community’s political activism remains unyielding.”

This year, the cryptocurrency sector has significantly ramped up its political activism, contributing over $160 million to campaign financing initiatives. This investment puts it in competition with established industries and even surpasses some political parties’ congressional funds. Additionally, an anonymous crypto group has reportedly supported the Cedar Innovation Foundation to influence Senator Sherrod Brown (D-Ohio), whose Senate Banking Committee has yet to address significant crypto legislation.

Two latest Harris Polls funded by the industry revealed a significant number of voters are intrigued by candidates’ stances on cryptocurrencies. In the more current survey, approximately one-third of voters expressed their intent to consider digital currency viewpoints when making candidate choices. Contrastingly, a separate poll targeting swing state voters indicated that around 69% of them harbored unfavorable opinions towards cryptocurrencies.

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2024-06-06 00:06