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Advocacy group supported by Coinbase urges ABC to question Trump, Harris on cryptocurrency

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A significant violet bus decorated with “AMERICA ❤️ CRYPTO” commenced its journey through five pivotal states last week, with the aim of mobilizing voters ahead of the upcoming presidential election.

The initiative, originally spearheaded by Coinbase, holds a more immediate goal: prompting a query about cryptocurrency during Tuesday night’s presidential debate.

Formed last year, the Stand With Crypto Alliance initiated a campaign urging ABC News to address a crypto-related inquiry in the initial — and potentially sole — presidential debate between Donald Trump and Vice President Kamala Harris.

The alliance, which is coordinating 2,500 debate watch parties nationwide, has garnered over 2,000 signatures on a pre-written letter featured on its website.

“I am one of the 52 million Americans who possess cryptocurrency,” the letter reads. “On behalf of myself and all American crypto holders, I implore you to inquire about the candidates’ stance on cryptocurrency and its role in the American economy.”

While Trump has positioned himself as a cryptocurrency advocate in recent months, Harris has yet to publicly reveal her position on digital assets. However, the Biden administration’s firm crackdown on the industry has created an opportunity for the former president.

Trump has vowed to dismiss SEC Chair Gary Gensler, who has taken actions against firms like Coinbase. Besides the presidential race, the group is endorsing crypto-friendly politicians in Congress as it advocates for more favorable regulations. In May, the House approved the Financial Innovation and Technology for the 21st Century Act with the backing of over 70 Democrats.

“Bipartisan legislation regarding cryptocurrency has already received approval in the House of Representatives, and an increasing number of elected officials are expressing support for crypto,” the letter states.

ABC has not yet responded to a request for comment.

On their website, the association assigns “A” ratings to Trump and his running mate, Ohio Senator JD Vance, for their support of crypto. For Harris and her running mate Tim Walz, governor of Minnesota, the group issues a rating of “N/A” and notes a “pending position on crypto.”

Many enthusiasts perceive the November election as a pivotal moment for the industry, with significant financial contributions coming from crypto companies. Stand With Crypto’s efforts in battleground states focus on voter turnout rather than fundraising, with a persistent push to have presidential candidates address the issue.

Prior to this, the alliance urged CNN with 2,300 emails lobbying for a crypto-related query ahead of the June debate between Trump and President Joe Biden. The topic was not broached by the network.

Through a mixture of online and offline activities, Stand with Crypto has drawn in 104,000 individuals using its voter registration tool. Alongside, the group has organized concerts and delivered speeches to enthusiastic audiences.

The mobile tour initiated in Phoenix last week, with Sen. Kyrsten Sinema, a former Democrat now an independent, energizing the audience with a fervent speech about selecting lawmakers who comprehend cryptocurrencies.

“Sensible, reasonable regulations that foster innovation and growth within the industry are what we should strive for,” Sinema emphasized.

The bus then proceeded to Las Vegas, where crypto advocates engaged with the state treasurer and chief of staff for the lieutenant governor. According to data provided by the alliance, 385,000 Nevadans possess cryptocurrency, and over 16,000 individuals in the state have pledged as Stand with Crypto supporters.

Arizona and Nevada are among the seven crucial swing states with the election approaching, both in a tight contest. In the following week, the crypto bus will visit Michigan, Wisconsin, and Pennsylvania, also crucial swing states.

The final event is scheduled in Washington, D.C., on September 18. Notable Coinbase executives, including Chief Legal Officer Paul Grewal, will speak, with a performance by music duo The Chainsmokers at a nightclub.

The organization has not fully aligned with Trump.

Coinbase policy head Faryar Shirzad, slated to speak in D.C., expressed satisfaction in engaging with the Harris team. Describing the exchanges as constructive, he mentioned the dialogue’s importance as an initial step.

Although Harris has yet to unveil her campaign stance on crypto officially, members of her team have held discussions with industry leaders for months.

Opinions from Democratic lawmakers reinforce this, with Senate Majority Leader Chuck Schumer stating at a virtual town hall in August that a crypto bill could pass the Senate this year.

These interactions indicate a shifting landscape for cryptocurrencies in the realm of politics and policymaking.

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