Coinbase Calls for Regulatory Clarity
US-based cryptocurrency exchange Coinbase is advocating for clear cryptocurrency regulations, arguing that the current enforcement approach stifles innovation and jeopardizes global leadership. To mobilize support, Coinbase has launched a campaign to rally over 50 million crypto holders in the United States.
52 Million American Crypto Owners
According to Coinbase data, there are 52 million crypto owners in the US, with the majority being Gen Z or Millennials. These owners are also more diverse and have lower incomes compared to the overall population. A poll conducted in key states showed that 55% of voters are less likely to support candidates who do not back crypto and Web3. Additionally, a previous survey found that a majority of young Americans believe in the future of digital assets and value their control over personal assets.
Coinbase’s Campaign Efforts
Coinbase aims to unite the 52 million crypto owners as a powerful force in its push for clear regulations ahead of the 2024 elections. The company supports the Financial Innovation and Technology for the 21st Century Act (“FIT21”), which proposes increased regulatory oversight by the Commodity Futures Trading Commission (CFTC) instead of the Securities and Exchange Commission (SEC). The SEC has faced criticism for its regulatory approach, prompting Coinbase to urge crypto holders to contact their congresspersons and advocate for responsible regulation.
Stand with Crypto Day
In August 2023, Coinbase launched Stand with Crypto Alliance, an independent grassroots movement focused on advancing sensible crypto innovation and policy. The organization has gained support from over 100,000 individuals and aims to involve all 52 million US crypto holders. The alliance will conduct a 14-month campaign targeting nine key states and has already begun advocacy efforts with advertisements in Washington, DC. Stand with Crypto Day will bring together industry representatives to meet with Members of Congress and government officials to highlight the benefits of crypto and address the negative impact of current regulations on jobs and innovation.
Hot Take: Coinbase Mobilizes Crypto Holders for Regulatory Clarity
Coinbase is leading the charge in seeking regulatory clarity for the crypto industry in the United States. With 52 million crypto owners in the country, Coinbase aims to unite this diverse group as a powerful force to advocate for clear cryptocurrency laws. The company believes that the current enforcement approach by regulators hampers innovation and puts global leadership at risk. Through its campaign efforts and support for legislation like FIT21, Coinbase is mobilizing crypto holders to engage with their congresspersons and push for responsible regulation. The launch of Stand with Crypto Alliance and upcoming Stand with Crypto Day demonstrate Coinbase’s commitment to advancing sensible crypto innovation and policy. By uniting millions of crypto holders, Coinbase aims to shape the future of the industry and ensure a fair, inclusive financial system.
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