Stand with Crypto: Mobilizing the Crypto Community for Regulation Advocacy
The lack of regulatory clarity has been a major challenge for the crypto industry, especially in the United States. The slow and piecemeal approach to enacting rules for crypto has created confusion and hindered its growth. One of the key debates revolves around whether crypto assets should be classified as securities or commodities. The Securities and Exchange Commission (SEC) claims most digital assets, except Bitcoin, are securities, but many in the crypto community disagree.
However, there may be hope on the horizon. Coinbase, a leading cryptocurrency platform, has launched Stand with Crypto, a new advocacy organization that aims to rally the crypto community and shape crypto regulation in the US. The organization’s goal is to unite crypto enthusiasts and urge lawmakers to support new legislation that will provide a clear regulatory framework for the industry.
Several standalone crypto bills have already made progress in House committees. The FIT for the 21st Century Act and the Clarity for Payment Stablecoins Act are among the key bills that aim to bring regulatory clarity and address concerns about stablecoins. However, the journey forward for these bills is still uncertain, as they require approval from both Congressional chambers and the President.
To make their voices heard, Stand with Crypto encourages members of the crypto community to contact their representatives and express their support for these bills. The organization believes that a unified voice from the crypto community can educate policymakers and influence them to create favorable regulations for cryptocurrencies.
The campaign’s centerpiece is a blue shield NFT, which represents the need to protect and advance the potential of crypto. The shields are available for free on Zora, and the proceeds will support various organizations at the forefront of crypto advocacy.
Stand with Crypto is gaining support from both the crypto community and some members of the American political establishment. Prominent figures like Coinbase CEO Brian Armstrong and retired Pennsylvania senator Pat Toomey have shown their support for the campaign. More than 162,000 NFT shields have been minted, and an on-chain petition has collected nearly 190,000 signatures, urging Congress to support pro-crypto legislation.
The campaign’s website also provides a rating system for lawmakers based on their stance towards crypto. This system helps crypto enthusiasts evaluate and understand where their representatives stand on the issue.
In conclusion, Stand with Crypto is an advocacy organization backed by Coinbase that aims to rally the crypto community and shape crypto regulation in the US. Through a unified voice and support for pro-crypto legislation, the organization aims to create a clear regulatory framework for the industry. With growing support and engagement from the crypto community, there is hope that lawmakers will take notice and enact favorable regulations to foster the growth of cryptocurrencies.
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