To reshape the financial landscape for 52 million Americans, the cryptocurrency industry has rallied together, raising an impressive $78 million in the fourth quarter. This substantial sum, reported in a December 18th Coinbase Blog post, is earmarked to support candidates advocating for responsible and fair regulations surrounding digital assets.
A Financial System in Discontent: Catalyst for Change
A mere 9% of Americans currently express satisfaction with the existing financial system, prompting a call for change. The crypto community aims to address this discontent by throwing its weight behind candidates who champion fair rules and regulations. With the potential to disrupt the traditional financial sector, cryptocurrency’s influence hinges on the election of candidates sympathetic to its cause.
The Fairshake Super PAC, along with its affiliated entities representing the crypto community, has spearheaded this financial push. Garnering support from 20 companies and influential industry figures, the Super PAC has amassed a staggering $78 million, and the numbers are still climbing. Notable contributors include Andreessen Horowitz, Coinbase, Kraken, and the Winklevoss twins, among others, all committed to fostering the responsible growth of the crypto space.
This financial injection is not merely about monetary support but signifies a strategic move to counteract regulatory uncertainties. The approach by appointed regulators, marked by regulation through enforcement, has left everyday Americans in the lurch, hindering job growth, economic activities, and innovation.
Stand with Crypto Gains Traction
The digital currency community is rallying behind the Stand with Crypto grassroots movement to amplify this movement further. To enlist one million members, the movement has already achieved significant traction, boasting 215,000 advocates within four months of its launch. This united front is crucial for a forceful demonstration of support ahead of the pivotal 2024 elections.
The upcoming elections are poised to be a watershed moment for the crypto industry. With only 9% of all Americans satisfied with the current financial system and a mere 7% of those aged 18-40 feeling it works for them, the need for change is palpable. A viral ad illustrating the flaws of the existing system has garnered over 13 million views across various platforms, adding momentum to the cry for financial reform.
As younger generations, constituting 40% of eligible voters today, grapple with financial pressures and disillusionment, they increasingly turn to cryptocurrency-friendly candidates. With 51% of them likely to support such candidates in 2024, the crypto industry emerges as a powerful force, not just in reshaping financial systems but also in shaping the political landscape of the future.
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