The Coinbase-backed advocacy group Stand With Crypto has raised $2 million in a couple of months, with over 80,000 donors contributing to the initiative’s goal of influencing policymakers and being a “one stop shop” for crypto advocacy.
The organization also confirmed that its initiative has successfully garnered over 100,000 amateur crypto enthusiasts nationwide. The organization’s website provides an easy means for individuals to engage with policymakers and obtain insights into politicians’ positions regarding cryptocurrency.
Half of the $2 million originated from a single donor – Brian Armstrong, Coinbase’s CEO. Other significant contributors include David Bleznak, co-founder of Draper Goren Blockchain and Moonwell, an open lending, borrowing, and decentralized finance protocol.
“Our goal is to truly unite and coalesce the crypto grassroots community,” Carr said in an interview with Coindesk, while adding that the group has compiled over more than 16,000 calls and emails to members of Congress so far.
The contributions will go towards supporting the expansion of the group’s policy-influencing capabilities, including AI-assisted engagement with legislators and informative sections describing the cryptocurrency stances of elected officials.
The organization’s website currently highlights pro-crypto lawmakers such as Ron DeSantis and Kirsten Gillibrand, while also showcasing lawmakers who have made statements opposing cryptocurrency, such as Elizabeth Warren and Brad Sherman.
Although presented as a grassroots movement, the group’s inception can be traced back to Coinbase, which has continued to play a role in the initiative since its launch in August.
“Centralized lobbying is not going to get it done in Washington,” said Kara Calvert, head of U.S. policy for Coinbase, speaking with Coindesk.
She added that support for crypto is more powerful when it comes from constituents, as lawmakers will want to answer to them and not companies like Coinbase.
Stand with Crypto’s announcement comes at a time of uncertainty in crypto policy. Although the House of Representatives has pushed two crypto-related bills to the brink of approval, the Senate tends to exhibit a higher degree of caution and hesitation when it comes to taking action.
Both proposals passed the House Financial Services Committee in July. The first bill, which addresses crypto market structure, would place the Commodity Futures Trading Commission in charge of regulating much of the token market. The second bill would draw up a regulatory framework for stablecoins, however, stablecoin regulation is currently facing significant opposition from Senate Democrats such as Representative Maxine Waters, who argued that the bill has “major flaws.”