Coinbase champions cryptocurrency legislation and regulatory clarity, advocating for the crypto industry
Coinbase, the largest cryptocurrency exchange in the United States, is intensifying its grassroots advocacy campaign to drive legislative clarity for the crypto industry. The company’s move comes as a response to a congressional committee’s advancement of a crypto bill in July, which aims to define when a cryptocurrency qualifies as a security or a commodity. Industry players are keen on seeing this bill receive a full vote in the U.S. House of Representatives.
To bolster its advocacy efforts, Coinbase is launching a comprehensive paid media campaign, encompassing advertisements in Washington, D.C., and calls-to-action on its own platform, encouraging crypto users to contact their congressional representatives and urge them to support crypto-related legislation. Additionally, on September 27, Coinbase will organize a “fly-in” event, gathering executives and developers from approximately 35 crypto companies to meet with congressional staff and lawmakers on Capitol Hill.
Kara Calvert, Head of U.S. Policy at Coinbase, emphasized the significance of this initiative by stating, “Crypto is just so much bigger than Coinbase, and that I think is what’s going to be really powerful about the fly-in.”
Coinbase estimates that there are 52 million crypto owners in the U.S., highlighting the industry’s determination to advocate for legislation aimed at curtailing the power of the U.S. Securities and Exchange Commission (SEC). The SEC has been actively pursuing regulatory measures within the crypto space, including a lawsuit against Coinbase for allegedly selling unregistered securities—a claim vehemently denied by the company.
Notably, Coinbase has been at the forefront of industry advocacy endeavors in recent years, allocating significant resources to lobbying. In the 2022 election cycle alone, the company spent $3.39 million on lobbying, surpassing all other crypto companies by a substantial margin, as reported by OpenSecrets.
In the preceding month, Coinbase established a non-profit organization called Stand With Crypto, dedicated to promoting pro-crypto policies. Stand With Crypto has already organized events in several states, including Ohio, Nevada, Georgia, and Montana. These events were designed to test the organization’s ability to mobilize and organize crypto advocates, as noted in a Coinbase blog post.
Coinbase’s commitment to advocating for crypto-friendly legislation underscores the industry’s recognition of an opportune moment to shape regulatory frameworks. As the crypto sector continues to evolve, Coinbase, along with other industry leaders, is actively engaged in ensuring that crypto assets are treated fairly and that responsible regulations are enacted to protect both consumers and innovation within the space.
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