Pro-Crypto Nonprofit Launches Ad Campaign Ahead of SEC Chair’s Testimony
In preparation for Securities and Exchange Commission (SEC) Chair Gary Gensler’s upcoming testimony in Congress, pro-crypto nonprofit Stand With Crypto has initiated an advertising campaign. The organization, founded by Coinbase, the largest US-based crypto exchange, aims to amplify the voices of pro-crypto constituents across the country and gather support for the Financial Innovation and Technology for the 21st Century Act (FIT21 Act).
Coinbase Takes the Lead in Pro-Crypto Lobbying
In April, Coinbase launched the Stand With Crypto initiative to advocate for pro-crypto policies. According to Coinbase, the group has garnered tens of thousands of supporters since its inception. The exchange has also increased its federal lobbying expenditure from $1.5 million in 2021 to $3.4 million in 2022.
Stand With Crypto Seeks Beneficial Regulations
The Stand With Crypto Alliance, another Coinbase initiative, encourages visitors to its website to contact their congressional representatives in support of the crypto industry. The website provides ratings on lawmakers’ crypto sentiment based on publicly available data such as legislative records, media statements, and social media posts.
The Importance of Regulatory Clarity in the Crypto Space
As SEC Chair Gary Gensler prepares to testify before the House Financial Services Committee, the crypto community is eager for regulatory clarity. Gensler’s previous remarks expressing skepticism towards the industry have raised concerns. The SEC’s lawsuit against Coinbase for allegedly selling unregistered securities further emphasizes the need for clear crypto regulations. Coinbase argues that the assets in question do not qualify as securities and that the SEC exceeded its authority.
Hot Take: Stand With Crypto Advocates for Clear Crypto Regulation
With the upcoming testimony of SEC Chair Gary Gensler, the Stand With Crypto campaign highlights the importance of clear regulations in the crypto space. It also underscores the significance of the crypto community’s voice in shaping these policies. As Coinbase leads the pro-crypto lobbying efforts, it seeks to rally support for the FIT21 Act and ensure that America’s crypto constituency receives both clarity and protections as consumers and job creators.
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