13 October 2024

Coinbase-Backed Lobby Group Pushes for Crypto Discussion in Trump-Harris Debate

The Stand With Crypto alliance, backed by Coinbase, is advocating for cryptocurrency discussions in the upcoming Trump-Harris debate, emphasizing the importance of crypto legislation in the elections.

Coinbase-Backed Lobby Group Pushes for Crypto Discussion in Trump-Harris Debate

The Stand With Crypto alliance, supported by Coinbase, is urging the ABC network to include questions about cryptocurrency in the upcoming debate between Donald Trump and Kamala Harris. This bipartisan group highlights that significant crypto legislation has already been approved by the House of Representatives, with increasing support from elected officials across the political spectrum. According to their assessment, Trump and his running mate, Ohio Senator JD Vance, have received "A" grades for their pro-crypto stance, while Harris and her running mate, Minnesota Governor Tim Walz, are marked as "N/A" due to their pending positions on cryptocurrency.

As the November elections approach, many in the crypto community view this as a pivotal moment for the industry. A report by Public Citizen reveals that nearly half of all corporate donations this election cycle have come from crypto companies. The Stand With Crypto initiative is more focused on mobilizing voters than fundraising, having already registered 104,000 individuals through their voter registration tool. Their efforts include concerts and speeches aimed at rallying support for crypto-friendly candidates.

The tour commenced in Phoenix, Arizona, where independent Senator Kyrsten Sinema energized the crowd with a speech advocating for lawmakers who understand the importance of sensible crypto regulation. Following this, the bus traveled to Las Vegas, where attendees heard from the state treasurer and the lieutenant governor's chief of staff. The alliance reports that 385,000 residents in Nevada own cryptocurrencies, with over 16,000 actively supporting the Stand With Crypto movement.

Arizona and Nevada are among seven critical states that are highly contested as election day approaches, with the race virtually tied. This week, the crypto bus will make stops in Michigan, Wisconsin, and Pennsylvania, all key swing states. The final event is scheduled for September 18 in Washington, D.C., featuring notable Coinbase executives and a performance by the music duo The Chainsmokers.

While the movement has shown support for Trump, it has not fully committed to him. Coinbase's policy head, Faryar Shirzad, expressed his satisfaction with discussions held with Harris's team, describing them as constructive. Although Harris has not yet publicly defined her campaign's stance on cryptocurrency, her team has been engaging with industry leaders for several months. Democratic Representative Wiley Nickel of North Carolina expressed optimism that Harris would soon announce her position, which could significantly impact the crypto landscape. Additionally, Representative Ro Khanna of California confirmed ongoing dialogues with Harris's team regarding cryptocurrency legislation.

Democratic leaders are becoming increasingly vocal about crypto issues. Senate Majority Leader Chuck Schumer indicated during a virtual town hall in August that a crypto bill could potentially pass in the Senate this year, signaling a growing recognition of the importance of cryptocurrency in the political arena.

Source: CNBC