Crypto is Here to Stay

Once in a generation, a transformational technology emerges with the power to strengthen  democracy around the world. Each time, America has seized the opportunity to write the rules of the road. Crypto is ushering in a new wave of innovation in the United States, and that innovation is creating jobs, updating the financial system and strengthening our country’s national security.  Coinbase was born out of the idea that crypto has the potential to drive economic freedom around the world, empowering users anywhere in the world to take their financial futures into their own hands. To ensure that the potential of crypto is realized in the United States, we have executed on a three-pronged strategy to bolster the voices of the 52 million Americans of all backgrounds who have owned crypto: The first has been educating policymakers, including members of Congress, on the transformative power of a technology that represents the next generation of the internet. The next was to directly empower the millions of crypto owners directly by helping launch an independent, grassroots organization with the tools to help crypto supporters have their voices heard in Washington and in state capitals around the country. The final piece was to lock arms with others in the industry by supporting an independent, pro-crypto super PAC, Fairshake and its affiliates, to help ensure that crypto voters were a force in key elections around the country in order to affect change in American politics. In just a year, Stand with Crypto has grown to 1.8 million advocates, mobilizing Americans of all stripes and these advocates showed that they want to be heard:

• In the two-week run-up to the overwhelming passage of a regulatory framework for consumer protections, FIT21, Stand with Crypto amassed 400,000 new advocates. 

• In the one-week run-up to the vote, over 30,000 contacted members of Congress to vote for the legislation, leading to one of the most bipartisan votes seen this Congress outside of must-pass legislation. 

• Stand with Crypto has mobilized about 510,000 advocates to learn about candidates and prepare themselves to vote.

Members of both political parties up and down the ballot in 2024, are learning about this important constituency and have begun to take steps to earn the support of the pro-crypto voter. Importantly, as candidates learn about the issues, they understand that providing clear rules, ending regulatory harassment, creating jobs and ensuring that this critical technology is developed in the United States are common sense positions for politicians across the political spectrum.

In meaningful ways, these efforts have helped ensure what is likely to become the most pro-crypto Congress in 2025. The industry-wide efforts have helped undercut the destructive efforts of a handful of politicians who have tried to demagogue the issue.  In doing so, the crypto community has been able to blunt the hyper-politicization of crypto – and instead transform crypto into one of the most bipartisan issues in Washington.  

If we can disrupt the destructive efforts of anti-crypto politicians in DC during the tumult of a presidential election, imagine the strides we can make ahead of the Midterm elections. The power of the crypto community should not be underestimated – that’s why Coinbase is committed to (1) helping Stand with Crypto achieve its goal of more than doubling its current army of advocates ahead of the Midterm Elections to 4 million strong and (2) to helping Fairshake and its affiliates remain a force in the next election cycle by committing another $25 million to their efforts. The stakes are too high for us to stand on the sidelines, and that’s why we at Coinbase are proud to help do our part.

We’re committed to remaining a strong force to ensure that the voices of crypto consumers and innovators alike continue to be heard – in the next election cycle and for years to come.