Digital Currency Coalition Rallies 80,000 Crypto Enthusiasts with Coinbase Support, Secures $2M Funding

Stand With Crypto, a movement dedicated to rallying support for cryptocurrency among lawmakers in local communities, has experienced a swift and successful launch, largely due to the backing of Coinbase. This nonprofit initiative, supported by Coinbase, has garnered the participation of over 100,000 individuals in its initial weeks, according to organizers.

The campaign's website acts as a platform for people to engage with policymakers and gain insights into their views on cryptocurrency. Currently, 80,000 individuals have contributed financially to sustain Stand With Crypto, surpassing the $2 million mark. Notably, half of this funding comes from a single contributor, Brian Armstrong, the CEO of Coinbase.

Nick Carr, the chief strategist of the organization, stressed the objective of uniting the grassroots crypto community and positioning Stand With Crypto as a comprehensive resource for crypto advocacy. To date, the platform has facilitated over 16,000 calls and emails to members of Congress.

The donations received will be directed towards bolstering the group's advocacy efforts, which include utilizing artificial intelligence for outreach to lawmakers and providing informational resources about elected officials' positions on crypto. Additionally, the organization plans to host more in-person events, as outlined by Carr.

While it is described as a grassroots movement, Stand With Crypto's origins can be traced back to the digital assets exchange Coinbase, which remains actively involved in the campaign since its launch in August.

Kara Calvert, the Head of U.S. Policy for Coinbase, emphasized the significance of decentralized advocacy in Washington. She pointed out that the impact of the crypto message is amplified when it comes directly from constituents to their elected representatives, underlining that lawmakers are ultimately accountable to their constituents rather than corporations like Coinbase.

The current landscape of crypto policy is characterized by substantial activity in the House of Representatives, where multiple bills related to crypto oversight are nearing potential passage. However, the Senate has generally displayed more reluctance to take action. Among the various facets of digital assets legislation, stablecoin regulation and anti-money laundering measures are identified as having the highest likelihood of progression in the near future, according to industry lobbyists.

As is customary in the congressional calendar, attention should be given to budget bills, particularly the defense spending plan, to see if crypto-related legislation is appended at the last minute. Currently, a House bill focused on stablecoin regulation enjoys some bipartisan support, and in light of recent headlines linking Hamas to crypto donations, legislation aimed at strengthening industry money-laundering protections may also gain traction.

While Stand With Crypto aims to mobilize crypto enthusiasts at all levels of involvement, larger digital asset companies may stand to benefit if the campaign gains traction with lawmakers.

Kara Calvert expressed the belief that expanding the base of support is a new development, and all crypto companies have a vested interest in the success of this initiative.

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