Virtual Currency Lobby Group 'StandWithCrypto'
Urges Cryptocurrency Questions to Candidates from Both Parties
A lobbying group representing the cryptocurrency industry has been pressuring ABC, the broadcaster hosting the U.S. presidential debates, to ask candidates about their stance on cryptocurrency.
According to CNBC on the 10th (local time), the cryptocurrency lobbying group 'Stand With Crypto,' established last year under the leadership of the global cryptocurrency exchange Coinbase, sent letters to ABC starting five days ago, petitioning for questions about cryptocurrency to be posed to the Republican presidential candidate, former President Donald Trump, and the Democratic presidential candidate, Vice President Kamala Harris, who are participating in the debates.
The group, which is organizing 2,500 presidential debate watch parties across the United States, posted a draft of the petition letter on its website and gathered over 2,000 signatures. The letter stated, "I am one of the 52 million Americans who own cryptocurrency," and urged, "On behalf of myself and all American cryptocurrency owners, I call on the candidates to be asked about their stance on cryptocurrency and the role cryptocurrency plays in the U.S. economy."
Former President Trump has shown a pro-cryptocurrency stance so far. He has accepted campaign donations in Bitcoin and declared that if elected, he would fire Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), who has taken a confrontational approach toward the cryptocurrency industry through various regulations. Vice President Harris has not officially stated her position on cryptocurrency but has recently started accepting cryptocurrency campaign donations, signaling a move to draw a line against the excessive regulations seen under the Biden administration.
Stand With Crypto is actively weighing which candidates are favorable to the industry in real-time through its website, assigning former President Trump and his running mate Senator JD Vance an 'A' grade for cryptocurrency support, while giving Vice President Harris and her running mate Governor Tim Walz an 'N/A' grade indicating "cryptocurrency stance pending." Previously, they sent 2,300 emails to CNN during the debates between President Joe Biden and former President Trump.
Bus Tour Advertisement Encouraging Voting Participation of Cryptocurrency Investors in Key Battlegrounds [Photo by Stand With Me webpage]
CNBC evaluated, "Many cryptocurrency enthusiasts see the upcoming November election as a critical moment that will determine the industry's future and are opening their wallets." In fact, according to a report released last month by the nonprofit watchdog Public Citizen, about half ($119 million) of all corporate donations during the 2024 U.S. presidential election period came from the cryptocurrency industry. Ripple accounted for more than 80% of these donations.
The Washington Post (WP), based on data from the Federal Election Commission (FEC) last month, found that Coinbase was listed among the top 50 political donors. Among corporate and organizational donors, Coinbase contributed the most, pouring in $91.1 million. Of this, $86 million flowed into the super PAC 'Fair Shake,' which advocates for the cryptocurrency industry. Cryptocurrency exchanges, including Coinbase, tended to fund groups favorable to the cryptocurrency industry rather than donating directly to specific party candidates.
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