Coinbase Launches Campaign Urging Crypto Users to Support Regulation
The popular US cryptocurrency exchange Coinbase has initiated a campaign encouraging American crypto users to reach out to their congressional representatives in support of crypto regulation. The exchange believes that the current lack of specific regulations is hindering innovation and jeopardizing job creation and US global leadership. Coinbase proposes the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) as a solution. FIT21 has already gained bipartisan support and will be voted on in the House of Representatives in a few months. To rally support, Coinbase launched the Stand with Crypto campaign, which has already attracted over 100,000 participants through a decentralized app. The campaign will focus on nine key states and will culminate in Stand with Crypto Day on September 27, where advocates will meet with members of Congress and government officials.
The Need for Crypto Regulation
Following actions taken by the SEC this year, including actions against Coinbase itself, it is evident that the current lack of clear regulations needs to be addressed. In contrast to the US, other parts of the world, such as the European Union, have already implemented crypto regulations. The current approach of only enforcing existing regulations poses a risk to innovation, jobs, and US global leadership. Coinbase believes that cryptocurrencies have the potential to revolutionize the global financial system and therefore advocates for the passage of FIT21, which would establish a strong regulatory framework with defined terms and consumer protections while also fostering innovation.
Stand with Crypto Campaign
Coinbase’s Stand with Crypto campaign was launched several weeks ago and has already garnered support from over 100,000 individuals through a decentralized app. The campaign is an all-platform paid media initiative that specifically targets nine key states: Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin. In Georgia, Coinbase aims to establish a crypto club with at least 11,779 members. Stand with Crypto Day is set to take place on September 27, during which innovators, entrepreneurs, and developers from across the country will travel to Washington to advocate for crypto with members of Congress and government officials. The campaign is a significant endeavor funded by the leading US crypto exchange.
Hot Take: Encouraging Crypto Users to Shape Regulation
By launching the Stand with Crypto campaign, Coinbase is providing a platform for US cryptocurrency users to have their voices heard in shaping crypto regulation. With over 52 million Americans owning crypto assets, their diverse perspectives and needs must be taken into account by Congress. While the impact of this initiative remains uncertain, it serves as an opportunity for crypto enthusiasts to actively participate in the regulatory process and support the development of a clear and supportive framework for cryptocurrencies in the US.
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