Joe Biden

President Donald Trump

Donald Trump

Elon Musk

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>‘Stand With Crypto’ group supports FIT21, fighting to keep the industry flourishing in the US.</li> 
 <li>The crypto advocacy group gathered over 1 million members and more than $87 million in donations.</li> 
</ul> 
<a href="https://crypto.ro/en/news/crypto-advocacy-group-hits-1-million-members-join-the-stand/">‘Stand With Crypto’</a>, a nonprofit group that has been created to keep the crypto industry in the US is fighting for “common-sense” regulations for digital assets, according to their <a href="https://www.standwithcrypto.org/" rel="nofollow noopener" target="_blank">official website</a>. 
The US reportedly has over 52 million crypto owners, and the organization is mobilizing them to unlock crypto’s innovation potential and foster greater economic freedom. 
At the moment, crypto’s future is uncertain in the US ahead of the 2024 elections, and Congress is currently writing the rules, but they “cannot vote YES until they’ve heard from you,” the group writes on the official website. 
So far, the crypto advocacy group gathered over 1,03 million crypto advocates and raised donations of more than $87 million. 
The<a href="https://www.coinbase.com/blog/introducing-the-stand-with-crypto-alliance" rel="nofollow noopener" target="_blank"> Stand With Crypto Alliance</a> is a political action committee established by <a href="https://crypto.ro/en/exchange/gdax/">Coinbase</a> in 2023, and has recently reported that Americans are joining the cause to voice their opinions in Washington, D.C. 
On June 5, Coinbase’s Brian Armstrong shared a post via his X account, saying that 600,000 of the group’s advocates joined the organization following the veto threat from the Whitehouse, and thousands mobilized around the bipartisan wins in the House of Senate. 
He also highlighted that crypto is non-partisan and the momentum for pro-crypto policy in America has never been stronger. 
<blockquote class="twitter-tweet"> 
 As of today, 1 million people have joined <a href="https://twitter.com/hashtag/StandWithCrypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#StandWithCrypto</a> 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… <a href="https://t.co/IEotx8AXm9" rel="nofollow" target="_blank">pic.twitter.com/IEotx8AXm9</a> 
 — Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1798446241455673437?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 5, 2024</a>
</blockquote> 
The crypto advocacy group has important partners including Consensys, Anchorage Digital, Electric Capital, Privy, Paradigm, Paxos, Gemini, dYdX, Kraken, Protocol Labs, and more. 
<h2 id="what-is-fit21">What is FIT21?</h2> 
FIT21 act will foster American innovation and protect consumers by creating a clear regulatory framework for crypto. 
The Financial Innovation and Technology for the 21st Century Act (FIT21) is an important concern in the crypto industry. The proposed legislation aims for the creation of a safe and regulated structure for digital assets in the US. It was recently approved in the House of Representatives by a 278-136 vote. 
While 200 Republicans voted in favor of the bill, only 70 Democrats showed support. 
<a href="https://crypto.ro/en/news/us-to-vote-major-fit21-bill-for-crypto-industry-regulation-this-month/">FIT21</a> aims to provide robust consumer protections and to clarify which cryptos are regulated by the CFTC (Commodity Futures Trading Commission) and which are regulated by the <a href="https://crypto.ro/en/news/us-senate-passes-legislation-overturning-secs-rule-on-bitcoin-custody/">SEC</a>&nbsp;(Securities and Exchange Commission). 
The main reason for which this is important is the difference between definitions of commodities/securities and the regulation consequences. 
The new bill would also establish other consumer protection requirements such as: 
<ul> 
 <li>segregation of customer funds</li> 
 <li>lock-up periods for token insiders</li> 
 <li>limitations on annual sales volumes</li> 
 <li>disclosure requirements</li> 
</ul> 
While President Joe Biden <a href="https://crypto.ro/en/news/us-to-vote-major-fit21-bill-for-crypto-industry-regulation-this-month/">vetoed</a> the FIT21 bill, former President Donald Trump shows huge support for the crypto industry. 
<a href="https://secure.anedot.com/trump-47-committee/crypto47" rel="nofollow noopener" target="_blank">Trump’s Presidential campaign</a> started accepting crypto donations. 
Trump made an important move and became the first American President to accept Bitcoin Lightning Network payments for campaign donations. 
This announcement marks an important step in integrating Bitcoin into mainstream politics, highlighting the former US President’s&nbsp;<a href="https://crypto.ro/en/news/trump-vows-to-aid-silk-road-founder-ross-ulbricht-shows-huge-crypto-support/">strong commitment</a> to crypto. 
<a href="https://crypto.ro/en/news/trump-says-real-verdict-will-be-on-election-day-elon-musk-shows-support/">Elon Musk</a> was one of the prominent voices who showed support for Trump following the latest events involving the former President of the US. 
The 2024 US elections are set for November 5, a date which was highlighted by Trump as crucial for the country.

‘Stand With Crypto’ Group Supporting FIT21 Raises Over $87M In Donations

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