The largest cryptocurrency exchange in the United States is pulling out all stops to make sure U.S. policymakers get things right in their approach to the cryptocurrency sector.
The company has launched Crypto435 as a grassroots effort to increase pro-crypto advocacy among people in all of the 435 Congressional Districts.
Coinbase’s Advocacy Mission
According to a tweet from Coinbase in a tweet on the 22nd of May, this initiative offers the opportunity for people who are interested in web 3 and crypto to voice their opinion in DC. Coinbase will offer the community a variety of suggestions on local political leaders and the crypto industry including contact details as well as their record regarding crypto policies, and the best way to ensure that people with a voice will be heard.
“The crypto community has reached an important moment,” declared Coinbase. “Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto.”
Interest from the federal and state governments in crypto – – and, particularly, the skepticism about the technology has risen after the frightful collapse of FTX in November. Discussions about crypto regulations has turned negative in Washington with expert calls to separate the crypto industry from the banking system in addition to it being suggested by Senate Banking Committee floating an outright ban on the industry.
The company claims that Crypto435 can “influence laws and policies,” as well as “educate everyday Americans about the power of crypto.”
Coinbase VS SEC
Federal regulators are under pressure and federal regulators – specifically that of Securities and Exchange Commission (SEC) is also going up. In the month of February alone the agency fined Kraken for its staking-as a service product and issued an Wells notice of complaint against Paxos for issuance of BUSD as well as launching an inquiry into Robinhood concerning its listing of cryptocurrency.
A few of the industry’s advocates in Washington have been critical of the SEC for regulation “by enforcement” rather than giving the necessary guidance to cryptocurrency companies to comply with the law, which includes its individual Hester Peirce. Coinbase President Brian Armstrong has backed her claims , but has also criticized the assertions of the SEC that crypto products, like tokens and staking services are securities.
Confused about these topics has led the industry to look to Congress, which is yet to approve any new legislation clearing the way to categorize cryptocurrencies or the appropriate agencies to oversee the use of cryptocurrencies.
“We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom,” Coinbase wrote. Coinbase.
