Introduction
About 6 days ago, the US president Joe Biden exercised his presidential power to prevent a bill which has passed in the two legislative houses to be signed into law. The bill was designed to prevent or remove the SECs power to hold sole authority over the crypto industry. After the bill was vetoed by the president, a new group was formed in the crypto industry of people that are pro crypto. The group is called #standwithwithcryto.
As the American presidential election campaigns picks up pace, discussions around crypto continues to be a topic for hot debate. This could probably be the first crypto election in American history. After the presidential candidate recently vetoed this bill to strip the SEC of its absolute powers over the crypto industry, it becomes imperative that all crypto supporters rally into a united front to voice their concerns and also support laws, candidates and efforts that promote the growth of crypto industry in the US.
Brian Armstrong announces growth of @standwithcrypto
Founder and CEO of crypto exchange platform Coinbase is strongly behind the new #standwithcrypto movement. He used his official X account to announce how this movement has grown strong especially after the recent efforts by the Biden administration to halt the onslaught of SEC on the crypto industry. Below is what he said about the growth and international support of #standwithcrypto
As of today, 1 million people have joined #StandWithCrypto as advocates for crypto. That's a lot of voters! 600k of these advocates joined after a Whitehouse veto threat, and thousands mobilized around the back-to-back historic, bipartisan wins in the House and Senate. Crypto is non-partisan and momentum for pro-crypto policy in America has never been stronger. source
The Biden administration is clearly anti-crypto. Through the SEC, it has hunted down top crypto platforms and industry leaders. Just recently, they secured the imprisonment of former Binance CEO who has started serving time in prison for doing business in US through Binance. Beyond that, several other crypto companies are facing litigation from the SEC over crypto regulation issues in the country.
The Crypto industry in the US remains under threat from the SEC. While old legal cases against crypto companies are ongoing, new cases are started against other companies and individuals in the crypto sector. The debate over whether the SEC should continue to hold absolute power to regulate crypto gave rise to the bill by republicans to limit its powers. Of course as mentioned above, the president has halted this bill into being passed into law. But what might be difficult is halting crypto as an international community.
Crypto voters might have a say
As the presidential election approaches in November of this year, the crypto industry is rallying to have a voice and contribute to picking the right candidate. The right candidate of course would be one who supports the crypto industry. With the government anti-crypto efforts through the SEC continues unabated, #standwithcrypto which is non-partisan aims at becoming a united voice in the fight for crypto survival in America.
With 1 million members and still growing ever stronger, this group hopes to support the growth of crypto in America and ensure government non-interference in the crypto industry. The movement is not just growing in global membership, but they are making efforts to financially support organizations and candidates that are supporting the freedom of crypto in America. The groups mission statement is one full of of conviction that the fight for a crypto-liberal America is one that could be won only if all individuals in the industry come together and form a united front - one voice.
Information from the groups website shows that more than $87 million has been donated to groups, organizations and courses fighting for the freedom of crypto in the worlds top economy.
Will crypto win?
The situation in the US with regards to crypto wars reflects the global outlook from world governments. Elsewhere, crypto continues to face hostility from those in Authority. The issue of crypto regulation has not been more serious than it is now. More governments are trying to stamp their authority and fully regulate the crypto industry. Whether this would eventually happen remains to be seen. But then, the industry continues to grow in the midst of these growing challenges.
After the US elections have come and gone, the fight for a society that allows crypto to exist will continue regardless of who wins. It is also a global fight. The growth of the industry positively shows that it is possible to win the fight. Other issues like crypto hacks and scams do not allow the fight to be an easy one. However, no other platform has given true freedom from centralization than the crypto industry - which is why the industry is winning more admirers.
Everyone in the industry believes that nothing can support crypto not even the most powerful governments on earth. As the fight goes on, so is the awareness created for crypto. At the end of it all, crypto will continue to be a tool to give voice to the voiceless, and instrument that drives decentralization of powers. It could even end up as a lifestyle.
Note: Thumbnail is from pixabay
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