Coinbase Launches “Stand With Crypto” Initiative to Advocate for Clearer Regulations
Leading US cryptocurrency exchange Coinbase is embarking on a 14-month lobbying campaign aimed at convincing lawmakers in Washington D.C. to establish more defined regulations for digital assets. The initiative, called “Stand With Crypto,” involves several strategies, including mobilizing the tens of millions of Americans who own cryptocurrencies to contact their representatives and advocate for pro-crypto laws.
The Three Elements of the Stand With Crypto Campaign
The Stand With Crypto Alliance campaign will consist of three key elements:
- Leveraging the Coinbase platform to mobilize crypto owners into advocates for crypto-related issues. Since the formation of Stand With Crypto a few weeks ago, over 100,000 people have already taken action using the decentralized app accessible through the Coinbase app.
- A comprehensive paid media campaign across all platforms, including digital and outdoor advertisements in Washington D.C., which will be distributed nationwide.
- A specific focus on nine key states with high numbers of crypto owners, including on-the-ground organizing with full-time field organizers. Successful events have already been held in Ohio, Nevada, Georgia, and Montana to gauge the capacity to organize crypto advocates.
These efforts will heavily target the following states: Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin.
Coinbase’s Ongoing Legal Battle with the SEC
In June, Coinbase was sued by the US Securities and Exchange Commission (SEC) for allegedly operating as an unregistered securities exchange, broker, and clearing agency. The case is still ongoing. Coinbase has criticized the SEC’s enforcement-only approach to the cryptocurrency industry, arguing that it is detrimental to job growth and pushes opportunities overseas.
Hot Take: Coinbase Mobilizes Crypto Community to Push for Regulatory Clarity
Coinbase’s “Stand With Crypto” initiative aims to rally the crypto community and create a unified voice in advocating for clearer regulations in the US. By mobilizing its vast user base and leveraging various strategies, Coinbase seeks to influence lawmakers and promote pro-crypto laws. The campaign’s focus on key states with high crypto ownership demonstrates a targeted approach to maximize impact. As Coinbase continues its legal battle with the SEC, this lobbying effort further highlights the exchange’s determination to shape the regulatory landscape in favor of cryptocurrencies and blockchain technology.
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