Last Updated on 2 weeks by Ameer Hamza
Coinbase, a prominent crypto exchange based in the US, is actively seeking regulatory certainty for the crypto sector. It claims that the existing regulatory enforcement method stifles innovation and jeopardizes the country’s global leadership. As a result, Coinbase has launched a campaign to unite more than 50 million American crypto holders in support of well-defined cryptocurrency laws.
Coin Base’s Campaign: Empowering Crypto Holders for Regulatory Clarity
Fifty-two million people own cryptocurrencies in the US, according to recent data from Coinbase. Of these, 60% are members of Gen Z or Millennials, 75% have incomes under $100,000, and 41% are members of racial minorities, indicating a younger and more diverse group of people than the general US population.
In addition, a poll taken in the fall of 2022 found that 55% of voters in four important American states—Nevada, Ohio, Pennsylvania, and New Hampshire—are “less likely” to support candidates who oppose crypto and Web3.
In addition, according to a recent survey, 72% of Americans between ages 18 and 34 shared that digital currency provided direct control over personal assets, while another 72% believed that “digital assets are the future of finance.”
As the US prepares for its 2024 elections, Coinbase is aiming to unite the 52 million crypto owners into “a powerful force” as part of its advocacy efforts for clear crypto legislation.
The promotion of the Financial Innovation and Technology for the 21st Century Act (“FIT21”) is one of the ways that Coinbase is working toward its objective. The plan, which is anticipated to be put to a vote on the House floor this fall, calls for elevating the Commodity Futures Trading Commission (CFTC) above the Securities and Exchange Commission (SEC) in terms of regulatory control over the sector.
The SEC has come under fire for its regulatory-by-enforcement strategy, with companies and others in the crypto industry charging the regulator with going outside the scope of its regulatory authority.
In the meantime, this industry leader in crypto exchanges is urging crypto owners to contact their congressmen to request a clear and reasonable regulatory framework.
In August 2023, Coinbase announced the founding of the Stand with Crypto Alliance, an independent grassroots advocacy non-profit organization dedicated to pushing reasonable crypto innovation and legislation. Since its inception, the organization has received support from over 100,000 people, and it has 52 million US cryptocurrency owners on board.
Stand with Crypto Alliance will carry out a robust 14-month campaign focusing on nine important states — California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The advocacy efforts already started with digital and outdoor advertisements in Washington, DC, which kicked off on Sept. 19.
Takeaways
Coinbase is uniting 50 million cryptocurrency owners in the United States for a worthy cause. They want to ensure that the regulations for cryptocurrencies are fair and open. This isn’t simply a campaign; it’s a big movement in which all of these people’s voices come together to make a difference. Coinbase and this large percentage of crypto owners could influence how cryptocurrency functions in the country for the better as we approach the 2024 US elections.
