Coinbase Launches Advocacy Campaign For US Crypto Bill

The U.S.-based cryptocurrency exchange, Coinbase, is gearing up its advocacy efforts to propel legislation aimed at providing regulatory clarity to the cryptocurrency industry. This move comes as a congressional committee in July pushed forward a significant crypto bill that seeks to define the classification of cryptocurrencies as either securities or commodities, which many have lauded as of utmost importance for the industry.

U.S. Crypto Clarity Bill Gains Momentum

The latest effort of Coinbase’s aims at moving the U.S. crypto bill beyond committee discussions to a full vote within the U.S. House of Representatives. To achieve this, Coinbase is launching a comprehensive paid media campaign, encompassing advertisements in Washington, D.C., and issuing calls to action on its platform.

Meanwhile, these calls want the cryptocurrency users to reach out to their congressional representatives and implore them to support and pass this pivotal crypto legislation. Additionally, the U.S.-based crypto exchange is taking its advocacy further by organizing a “fly-in” event scheduled for September 27.

During this event, executives and developers from approximately 35 leading cryptocurrency firms will convene on Capitol Hill to engage with staff and lawmakers. This gathering symbolizes the recognition that the cryptocurrency realm extends far beyond Coinbase’s individual interests.

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A Broader Overview of the Crypto Landscape

Coinbase’s initiative highlights the crypto industry’s determination to influence legislation in Washington. Notably, the primary objective is to address and potentially curb the regulatory actions taken by the U.S. Securities and Exchange Commission (SEC) against the cryptocurrency space.

Currently, the SEC is pursuing legal action against Coinbase, alleging the sale of unregistered securities, an accusation that Coinbase vehemently denies.

Notably, Coinbase’s proactive stance in advocating for cryptocurrency-friendly policies has been evident over the years. The company has reportedly invested about $3.39 million in lobbying efforts during the 2022 election cycle, surpassing all other cryptocurrency entities by a notable margin.

Besides, Coinbase launched an NFT, Stand With Crypto, earlier this year. This NFT by the Coinbase CEO is dedicated to advancing pro-cryptocurrency policies and the group behind it has organized events in multiple states, including Ohio, Nevada, Georgia, and Montana.

Meanwhile, these gatherings have served as tests of the crypto industry’s ability to mobilize and advocate for its interests effectively. Coinbase’s unwavering efforts to support the U.S. crypto bill underscore the broader crypto community’s resolve to influence cryptocurrency-related legislation in the United States and safeguard the industry’s future amid growing regulatory scrutiny.

Also Read: Thailand Targets Crypto Traders With New Tax Rules

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