Coinbase Attempts to Push Crypto Legislation Forward in U.S. with Latest Moves
Coinbase is intensifying its efforts to bring about positive changes in U.S. legislation in the crypto sector with a new media campaign it launched today. The company is spearheading multiple initiatives aimed at influencing lawmakers and ensuring clearer crypto regulation.
The company started an extensive paid media campaign in Washington, DC, in particular, encouraging people who are interested in crypto to contact their congressional representatives through its platform to let them know crypto regulation clarity is an important issue for them.
Coinbase's Multi-Pronged Strategy for Influencing US Legislation
The company's media campaign also involves placing ads in Washington, DC. The intent is to persuade members of Congress to move forward with bills that provide clarity in crypto regulation.
In addition to the media campaign, Coinbase has planned a special event for September 27th, referred to as a "fly-in." During this event, executives and developers from approximately 35 crypto companies will convene in Washington to meet with congressional staff and lawmakers.
Kara Calvert, Coinbase's Head of U.S. Policy, expressed her thoughts on the initiative in an interview with Reuters.
"Crypto is just so much bigger than Coinbase, and that I think is what's going to be really powerful about the fly-in," she said.
The Ongoing Tussle with the SEC and the Importance of Crypto Regulation
Coinbase's proactive stance comes at a time when the crypto industry is under increased scrutiny from regulatory bodies like the U.S. Securities and Exchange Commission (SEC). The SEC has taken Coinbase to court, alleging that the exchange has sold unregistered securities, a claim which Coinbase refutes.
Given the situation, the crypto industry sees the present moment as ripe for pushing legislation that could limit the SEC's aggressive stance towards the sector.
The SEC's involvement in crypto matters is a significant concern for the industry, and any changes in U.S. legislation could have substantial effects. In July, a congressional committee moved forward with a bill to clarify whether a cryptocurrency should be classified as a security or a commodity, and the industry eagerly awaits this bill to be put to a vote in the U.S. House of Representatives.
Coinbase's Past and Present Advocacy Efforts
Coinbase has been an active player in advocating for crypto-friendly policies for some time now.
According to OpenSecrets, the company spent around $3.39 million on lobbying during the 2022 election cycle, more than any other crypto enterprise. The spending is an indication of how seriously Coinbase is taking its role in shaping crypto legislation in the U.S.
Last month, Coinbase took its advocacy work a step further by establishing a non-profit organization named Stand With Crypto. The group has already organized events in several states, including Ohio, Nevada, Georgia, and Montana. These events served as platforms to gauge the level of organization among crypto supporters, as stated in a company blog post.
According to Coinbase's estimates, there are around 52 million crypto owners in the United States. The considerable size of this user base adds weight to the industry's push for clearer and more supportive laws. The future of crypto legislation is still uncertain, and it is up to congressional members to decide the path forward, however.
Given the rising interest in cryptocurrencies, any movement in U.S. legislation could potentially have a broad impact.