Coinbase Launches Campaign Urging Crypto Users to Advocate for Regulatory Clarity
Coinbase, the second-largest crypto exchange, is initiating a paid media campaign to encourage crypto users to reach out to their members of Congress regarding the need for regulatory clarity in the crypto industry. Additionally, the company is organizing a fly-in event on September 27th, where executives and developers from various crypto firms will meet with staff and lawmakers on Capitol Hill.
Seeking Definition
The grassroots advocacy campaign aims to support a bill that would establish clear criteria for determining whether a cryptocurrency is classified as a security or a commodity. Although the bill was advanced by a congressional committee in July, it has not yet undergone a full vote in the U.S. House of Representatives.
Opposition to SEC Actions
The campaign is partially motivated by the U.S. Securities and Exchange Commission’s recent crackdown on the crypto industry. The agency filed lawsuits against Binance and Coinbase within hours of each other, alleging that they sold unregistered securities. Coinbase denies these claims. This campaign represents Coinbase’s latest political influence effort, following its $3.39 million lobbying expenditure during the 2022 election cycle.
Hot Take: Coinbase Takes Action to Shape Crypto Regulation
Coinbase’s new campaign demonstrates its proactive approach in shaping the regulatory landscape for cryptocurrencies. By engaging in political advocacy and organizing events with industry representatives and lawmakers, Coinbase aims to address the need for clearer regulations in the crypto space. As regulatory scrutiny increases, it becomes crucial for crypto users to actively participate in advocating for regulatory clarity to ensure the long-term viability and growth of the industry.
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