Coinbase Launches Political Campaign for Crypto Regulatory Clarity

Coinbase, the second-largest cryptocurrency exchange, is taking a proactive approach to address the regulatory ambiguity surrounding the crypto industry. The company is launching a comprehensive paid media campaign urging crypto users to contact their congressional representatives. In addition, Coinbase is organizing a fly-in event on September 27 to facilitate meetings between crypto executives, developers, and lawmakers on Capitol Hill.

Down to the Roots

According to a Reuters report, the grassroots advocacy campaign aims to push forward a bill that seeks to clarify the classification of cryptocurrencies as either securities or commodities. This bill was initially advanced by a congressional committee in July but has yet to be voted on by the full U.S. House of Representatives.

Pushing Against the SEC

The campaign comes at a time when the U.S. Securities and Exchange Commission (SEC) is intensifying its scrutiny of the crypto industry. The SEC recently filed lawsuits against both Binance and Coinbase, accusing them of selling unregistered securities. Coinbase vehemently denies these allegations and views this campaign as a way to bring about much-needed regulatory clarity.

Lobbying Efforts

This isn’t Coinbase’s first foray into political lobbying. According to data from OpenSecrets, the company spent a whopping $3.39 million on lobbying activities during the 2022 election cycle. The new campaign represents the latest effort by Coinbase to influence policy decisions that could have a significant impact on the crypto industry.

Conclusion

Coinbase’s latest campaign underscores the growing need for clear and comprehensive regulations in the rapidly evolving crypto space. By urging crypto users to contact their lawmakers and organizing a fly-in event, Coinbase is taking significant steps to ensure that the industry’s voice is heard in the corridors of power. Whether or not these efforts will result in legislative action remains to be seen, but they certainly mark a pivotal moment in the ongoing dialogue between the crypto industry and regulatory authorities.