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Stand for Crypto is getting responses from the crypto industry on the legislation outlook with the upcoming presidential elections in 2024.
The U.S. election cycle of 2024 will have to deal with a new financial force – the cryptocurrency industry. Congress candidates are being grilled on a variety of questions covering several key issues, crypto is one of these issues. Citizens in multiple states are keen on knowing their views on the digital asset. It is the political arm of the movement that gains tens of thousands more followers.
Survey Details
The survey was conducted with support from the ‘Stand with Crypto Alliance’, an advocacy group that aims to organize voters who are the owners of crypto assets and public influencers. The crypto industry, being a young financial industry, uses these methods to engage in political activities. Olivia Buckley from Open Secrets, a research group that tracks money in U.S. politics, has shared these views on the stance of the crypto industry in the country’s politics.
Candidates who ultimately answer the survey in ways the industry deems positive and have similar viewpoints may observe support from groups that want to boost crypto-friendly candidates.
Olivia Buckley said, “Pro-crypto non-profits have been appearing in greater numbers over the past few years.”
She further added, “Crypto regulation at the federal level remains very much contested and murky, so seeing which candidates can garner support from the industry could be telling as far as what’s to come in Congress.”
More than a dozen candidates have already filled out the survey. The registered candidates belong to multiple states, including California, Alabama, Texas, Indiana, and Maryland, as per the data submitted by Stand with Crypto. However, their names remain confidential.
The group informed its readers that it plans to push the survey out to candidates for more than 468 seats in Congress up for the election scheduled for November.
Nick Carr, chief strategist for Stand with Crypto, said that “it’s for crypto advocates and the crypto community to understand where their policymakers, elected officials and candidates in federal races stand on the issue.”
Future of the Survey
The survey has questions about whether a candidate believes or not that cryptocurrencies like Bitcoin will play a major role in technological innovation. And other questions include whether a candidate believes or not that it is important for the U.S. to modernize the regulatory environment for crypto.
Moreover, it also inquires whether a candidate would vote in favor of certain legislation. These laws include a bill introduced to the House of Representatives last year that aims to establish a regulatory framework for digital assets.
The Stand with Crypto website witnessed a significant increase in its members from 315,000 recorded on March 5, just before Super Tuesday contests. The member count has now reached 371,080 members at the time of writing and are continuously rising.
Coinbase, an online platform for buying and selling crypto, has launched a part of the group.
Three new super PACs- Fairshake, Defend American Jobs and Protect Progress are already supporting Pro-crypto candidates. They have already put millions of dollars towards Super Tuesday races. The three super PACs have together spent more that $21 Million in independent expenditures this election cycle, as per Open Secrets.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
