A congressional committee in July advanced a crypto bill that would define when a crypto currency is a security or a commodity
Coinbase, the biggest U.S. crypto currency exchange, is stepping up its grassroots advocacy campaign in an effort to advance legislation that will provide regulatory clarity for the sector, the firm said.
A congressional committee in July advanced a crypto bill that would define when a crypto currency is a security or a commodity. The industry wants that bill to go to a full vote in the U.S. House of Representatives.
Coinbase on Tuesday is launching an extensive paid media campaign which will include advertisements in Washington, DC and calls-to-action on its own platform persuading crypto users to contact their members of Congress to ask them to pass crypto legislation.
Coinbase is also arranging a so-called “fly-in” on September 27 when it will bring executives and developers from around 35 crypto firms to meet staff and lawmakers on Capitol Hill.
Crypto is just so much bigger than Coinbase, and that I think is what is going to be really powerful about the fly-in, stated Kara Calvert, head of U.S. policy at Coinbase.
According to Coinbase, there are 52 million crypto owners in the U.S.
The attempt underlines how hard the crypto industry is pushing in Washington as it sees an opportunity to advance legislation that would help rein in the U.S. SEC, which has been clamping down on the industry. The regulator is suing Coinbase for allegedly selling unregistered securities, which the firm refuses.
Coinbase has led industry advocacy efforts in recent years, spending $3.39 million on lobbying in the 2022 election cycle, the most of any crypto firm by wide margin, as per OpenSecrets.
Coinbase started a non-profit, Stand With Crypto, last month to promote pro-crypto policy. That group has recently held events in Ohio, Nevada, Georgia and Montana that have “tested the capacity to organize crypto advocates,” the company stated in a blog.
