Coinbase, a leading player in the cryptocurrency sector, is stepping up its grassroots advocacy endeavors in a bid to facilitate the adoption of legislation that can provide much-needed regulatory clarity for the thriving crypto industry.
Dedication to Crypto Advocacy
In the month of July, a congressional committee took significant strides in advancing a crypto-focused bill designed to outline the criteria for classifying a cryptocurrency as either a security or a commodity. The industry is currently rallying for this pivotal legislation to progress to a full-scale vote within the U.S. House of Representatives.
In a show of support for this crucial initiative, Coinbase is launching a comprehensive paid media campaign, encompassing advertising initiatives in the corridors of Washington, D.C. Additionally, Coinbase is leveraging its platform to issue compelling calls-to-action, urging crypto enthusiasts to directly reach out to their respective congressional representatives and advocate for the successful passage of the crypto legislation.
Furthermore, marking a key date on the calendar, Coinbase is set to host a “fly-in” event on September 27. This event is set to convene executives and developers from approximately 35 prominent crypto companies, who will engage with both congressional staff and lawmakers on Capitol Hill.
Kara Calvert, the Head of U.S. Policy at Coinbase, underscored the significance of this event, stating, “Crypto is just so much bigger than Coinbase, and that I think is what’s going to be really powerful about the fly-in.”
Inception of “Stand with Crypto” Non-Profit
Coinbase has estimated that there are presently 52 million cryptocurrency owners in the United States. The proactive stance adopted by the crypto industry reflects its unwavering commitment to shaping regulatory frameworks and addressing concerns pertaining to the U.S. Securities and Exchange Commission (SEC).
The SEC has been actively enforcing regulations within the industry, including filing a lawsuit against Coinbase, alleging the sale of unregistered securities—an accusation the company vehemently denies.
Coinbase has consistently been at the forefront of industry advocacy, demonstrating its commitment through a significant investment of $3.39 million in lobbying efforts during the 2022 election cycle, surpassing other crypto entities by a substantial margin, as reported by OpenSecrets.
Furthermore, just last month, Coinbase established a non-profit entity, aptly named “Stand with Crypto,” dedicated to advancing pro-crypto policies. This organization has already conducted successful events in Ohio, Nevada, Georgia, and Montana, demonstrating its capacity to mobilize crypto enthusiasts and advocates.
The proactive involvement of the cryptocurrency industry in dialogues with policymakers underscores its unyielding dedication to shaping the regulatory landscape and cultivating an environment conducive to the sustained growth and development of the sector.
