Coinbase
is intensifying its grassroots advocacy campaign to promote legislation that
offers regulatory clarity to the cryptocurrency industry.
In
July, a congressional committee advanced a crypto bill aimed at defining when a
cryptocurrency should be categorized as a security or a commodity. The industry
is now pushing for this bill to be put to a full vote in the U.S. House of
Representatives.
To
support this effort, Coinbase is launching a comprehensive paid media campaign,
including advertisements in Washington, D.C., and calls-to-action on its
platform, encouraging crypto users to contact their congressional
representatives to advocate for the passage of the crypto legislation.
Additionally,
on September 27, Coinbase will host a “fly-in” event, bringing
together executives and developers from approximately 35 crypto companies to
meet with staff and lawmakers on Capitol Hill.
“Crypto
is just so much bigger than Coinbase,
and that I think is what’s going to be really powerful about the fly-in,” said
Kara Calvert, the Head of U.S. policy at Coinbase.
Establishment of “Stand
with Crypto” Non-Profit
Coinbase
estimates that there are currently 52 million cryptocurrency owners in the United States.
This proactive approach by the crypto industry reflects its determination to
shape regulatory frameworks and address concerns related to the U.S. Securities and Exchange Commission (SEC).
The
SEC has been enforcing regulations on the industry, which has filed a lawsuit
against Coinbase, alleging the sale of unregistered securities, which is a claim the
company refutes.
Coinbase
has been at the forefront of industry advocacy, investing $3.39 million in
lobbying during the 2022 election cycle, surpassing other crypto companies by a
significant margin, as reported by OpenSecrets.
Furthermore,
last month, Coinbase established a non-profit organization called “Stand with
Crypto” to advance pro-crypto policies. This group has already conducted
events in Ohio, Nevada, Georgia, and Montana, testing its ability to mobilize
crypto advocates.
The
cryptocurrency industry’s proactive engagement with policymakers underscores
its commitment to shaping the regulatory landscape and fostering a supportive
environment for its growth and development.
Coinbase
is intensifying its grassroots advocacy campaign to promote legislation that
offers regulatory clarity to the cryptocurrency industry.
In
July, a congressional committee advanced a crypto bill aimed at defining…
