Coinbase Wants Clear And Concise Crypto Legislation

Coinbase is urging the broader US crypto community to encourage their Congress representatives to establish clear and sensible legislation for the cryptocurrency industry. The company is emphasizing that the existing approach taken by regulators is hindering innovation and jeopardizing the position of the country as a global technological and financial leader.

A Fresh Start

To rally support for unambiguous cryptocurrency laws, Coinbase has initiated a new campaign targeting the 52 million crypto holders in the United States. These crypto owners, predominantly composed of Gen Z and Millennials (60%), individuals with incomes below $100,000 (75%), and members of racial minorities (41%), represent a younger and more diverse demographic than the overall US population.

Furthermore, a survey conducted in the fall of 2022 revealed that 55% of voters in key American states (Nevada, Ohio, Pennsylvania, and New Hampshire) are less likely to support candidates who do not endorse crypto and Web3.

Another survey found that 72% of Americans aged 18 to 34 believe that cryptocurrency provides direct control over personal assets, and an equal percentage agree that digital assets are the future of finance. Coinbase wants to unite these 52 million crypto holders into a potent force to advocate for transparent cryptocurrency regulations as the US approaches its 2024 elections.

Coinbase Leading The Charge

As part of its strategy, Coinbase is backing the Financial Innovation and Technology for the 21st Century Act (FIT21). This bill, anticipated for a vote in the upcoming fall, proposes to elevate the regulatory authority that the CFTC has over the industry, surpassing that of the  SEC, which has often faced criticism for its enforcement driven regulatory approach, with numerous crypto companies and stakeholders accusing it of exceeding its mandate.

In August 2023, Coinbase introduced an independent advocacy grassroots movement called the Stand with Crypto Alliance, dedicated to advancing sensible crypto innovation and policy. Since its launch, over 100,000 individuals have expressed their support for the organization, with plans to engage the 52 million crypto holders in the US.

Over a 14 month campaign, the Stand with Crypto Alliance will concentrate on nine crucial states, namely California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The advocacy efforts commenced with digital and outdoor advertisements in Washington, DC, starting on September 19th.