Coinbase is intensifying its grassroots advocacy campaign to promote legislation that offers regulatory clarity to the cryptocurrency industry.
Coinbase's Commitment to Crypto Advocacy
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.
