Coinbase Fostering a Supportive Environment for Crypto Growth

<p>Coinbase
is intensifying its grassroots advocacy campaign to promote legislation that
offers regulatory clarity to the cryptocurrency industry. </p><p>Coinbase's Commitment to Crypto
Advocacy</p><p>In
July, a congressional committee advanced a crypto bill aimed at defining when a
cryptocurrency should be categorized as a security or a commodity. The industry
is now pushing for this bill to be put to a full vote in the U.S. House of
Representatives.</p><p>To
support this effort, Coinbase is launching a comprehensive paid media campaign,
including advertisements in Washington, D.C., and calls-to-action on its
platform, encouraging crypto users to contact their congressional
representatives to advocate for the passage of the crypto legislation. </p><p>Additionally,
on September 27, Coinbase will host a "fly-in" event, bringing
together executives and developers from approximately 35 crypto companies to
meet with staff and lawmakers on Capitol Hill.</p><p>“Crypto
is just so much bigger than <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a>,
and that I think is what’s going to be really powerful about the fly-in,” said
Kara Calvert, the Head of U.S. policy at Coinbase.</p><p>Establishment of "Stand
with Crypto" Non-Profit</p><p>Coinbase
estimates that there are currently 52 million <a href="https://www.financemagnates.com/tag/cryptocurrency/">cryptocurrency</a> owners in the United States.
This proactive approach by the crypto industry reflects its determination to
shape regulatory frameworks and address concerns related to the <a href="https://www.financemagnates.com/tag/us-sec/">U.S. Securities and Exchange Commission (SEC)</a>.</p><p>The
SEC has been enforcing regulations on the industry, which has filed a lawsuit
against Coinbase, alleging the sale of unregistered securities, which is a claim the
company refutes.</p><p>Coinbase
has been at the forefront of industry advocacy, investing $3.39 million in
lobbying during the 2022 election cycle, surpassing other crypto companies by a
significant margin, as reported by OpenSecrets. </p><p>Furthermore,
last month, Coinbase established a non-profit organization called "Stand with
Crypto" to advance pro-crypto policies. This group has already conducted
events in Ohio, Nevada, Georgia, and Montana, testing its ability to mobilize
crypto advocates.</p><p>The
cryptocurrency industry's proactive engagement with policymakers underscores
its commitment to shaping the regulatory landscape and fostering a supportive
environment for its growth and development.</p>

This article was written by Tareq Sikder at www.financemagnates.com.