On Tuesday, Coinbase launched a crypto advocacy initiative Dubbed the Crypto 435campaign. In a Twitter thread on February 28, Coinbase stated that the Crypto 435campaign's primary goal is to "grow the crypto advocacy community and share tools and resources" to enable crypto users to have their voices heard in all 435 congressional districts.
Coinbase shared a link to a sign-up page that requests users to provide their name,address, phone number, and email address to receive further information. The exchange has claimed that those who sign up will be provided with"information about how to contact specific politicians in their local districts, what those politicians' records on crypto are, tips for making your voices heard in D.C. …”
Coinbase emphasized that the crypto community is at a "pivotal moment" where political action is necessary, saying:
"We need thoughtful policy making and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom."
Time to clarify crypto laws
In an interview with Bloomberg TV on March 1, Coinbase CEO Brian Armstrong took a shot at the recent SEC regulatory crackdown on crypto staking. He noted that “Our staking product is not a security” and goes on to say “we are prepared to defend that in court if we need to”.
Admittedly, the US lags behind other developed nations. The US Congress has yet to pass any laws defining what cryptocurrencies are or outlining how crypto businesses can comply with regulations, except for a small tax provision implemented in 2021.
In the interview with Bloomberg TV, Coinbase CEO emphasized, “What I believe should happen in the United States is that we need a clear rulebook so that this industry can be built here.”
In another interview with CNBC’s Squawk Box, he said "Crypto is the most important technology that can help update the financial system. The rest of the world is trying to draw crypto companies in. The U.S. really risks falling behind."
Over the past month, Australia, and the UK issued public consultation proposals for crypto regulation. Hong Kong, Dubai, and Singapore have passed laws tailor-made for the crypto industry, outlining the requirements for operating a crypto-related business in the country.
Written by
Samwel
Samwel is a seasoned financial analyst with over 5 years of experience covering the global stock market, Forex, and crypto market.
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