Coinbase initiates a movement to promote cryptocurrency regulations in the United States.

Coinbase promotes cryptocurrency regulations in the US.

Author: Shalini Nagarajan, Blockworks Translation: Shanoluba, LianGuai

Coinbase has launched an initiative to encourage cryptocurrency users to contact their congress representatives to advocate for cryptocurrency-related legislation.

The exchange is a firm supporter of clear regulation in the cryptocurrency space and has stated that its paid media campaign will cover digital and outdoor advertisements in Washington D.C.

According to a blog post released on Tuesday, their campaign will specifically focus on nine states with a large number of cryptocurrency owners, including Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin.

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It will involve in-person initiatives such as arranging full-time field organizers in these key states. The cryptocurrency exchange will hold an event on September 27th, bringing together innovators, entrepreneurs, and developers from across the United States who will travel to Washington D.C. for public advocacy with congress members and government officials.

Coinbase states that they will explain how cryptocurrency creates job opportunities and economic activity in their respective states, and how it is crucial for the United States to not adopt a purely enforcement-based approach as it would result in jobs, innovation, and leadership leaving the country. Each of these cryptocurrency public advocates has chosen to stay in the United States and use the underlying technology of blockchain to modernize our financial system.

Two congressional committees have approved a bill that clarifies the classification of digital assets and determines whether they should be categorized as securities or commodities. The industry is pushing for the bill to receive a comprehensive vote in the U.S. House of Representatives.

In the blog post, Coinbase estimates that there are approximately 52 million people in the United States who own cryptocurrencies, which is equivalent to about one-fifth of the adult population. Despite extensive lobbying efforts by the U.S. cryptocurrency industry last year, many believe that lawmakers and regulatory agencies have not done enough to establish a comprehensive framework for digital assets.

Coinbase has increased its cryptocurrency lobbying budget from approximately $1.5 million in the previous year to nearly $3.4 million by 2022. Additionally, Coinbase has sued the SEC in April in an attempt to compel the securities regulatory agency to provide clear regulation for the industry. The exchange is also facing federal charges from regulatory agencies accusing it of operating as an unregistered securities exchange and failing to register its cryptocurrency lending program.

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