Coinspeaker
Coinbase Launches ‘Stand with Crypto’ Campaign to Advocate for Clear Cryptocurrency Legislation in US
The Coinbase “Stand with Crypto” campaign is dedicated to advocating for favorable cryptocurrency legislation in the United States. This initiative follows extensive research by Coinbase, revealing that a majority of Americans believe the financial system requires significant reforms. Among the respondents, 51% contend that the current financial system is unjust, primarily favoring powerful interests over ordinary citizens. The research also indicates that only a small fraction (14%) are optimistic about the future of the existing financial system.
The “Stand with Crypto” campaign will have a strategic focus on nine specific states in the United States: New Hampshire, Nevada, Ohio, Pennsylvania, Arizona, California, Georgia, Illinois, and Wisconsin. Notably, particular attention will be given to the four the “swing states” where voters are less likely to support anti-crypto presidential candidates.
While some elected members of Congress advocate for cryptocurrency regulation and innovation in the financial sector, others prefer maintaining the status quo. Coinbase aims to raise awareness and voice its support for cryptocurrency through this campaign, aligning with the desire for change among many Americans.
“It’s time to challenge the status quo by updating the system,” wrote the company.
Coinbase’s decision to embark on this campaign is substantiated by data from a 2022 fall poll, which revealed that over half (55%) of voters in some targeted states expressed a disinclination to vote for candidates opposing cryptocurrency and Web3. Additionally, during the polling, 13% to 19% of respondents in these states claimed to own cryptocurrencies.
For instance, in Nevada, Ohio, and Pennsylvania, over 40% of cryptocurrency owners use blockchain technology for cross-border money transfers to support individuals’ food, housing, and healthcare expenses. They prefer this method due to its cost-effectiveness and speed compared to traditional bank wire transfers.
Unregulated Crypto Landscape in the US Is a Competitive Disadvantage
The absence of clear regulations poses challenges for cryptocurrency exchanges and businesses in the United States. Even well-established crypto exchanges have faced legal issues and allegations due to the lack of regulatory clarity. Furthermore, many countries are already implementing regulatory frameworks to position themselves strategically in the innovative crypto-driven financial system. Failure to act promptly could result in the United States missing out on attracting innovative companies, creating jobs, and generating additional revenue from the cryptocurrency industry. Coinbase said:
“Crypto needs clear, sensible legislation. The current “enforcement only” approach puts jobs, innovation, and global leadership at risk.”
Some Coinbase’s Strategy for the ‘Stand with Crypto’ Campaign
The “Stand with Crypto” campaign, initiated by Coinbase, is a 14-month-long effort with various programs. It includes “Stand with Crypto Day” in Washington D.C. on September 27, dedicated to promoting cryptocurrency innovation and policy. The campaign also encourages crypto supporters to engage with their Congress Representatives to advocate for favorable and transparent crypto regulations in their respective states.
Coinbase’s approach to achieving its campaign goals involves community rallies, transitioning from social media to phone calls for advocacy aimed at congressional members and influential figures, hosting in-person events, and showcasing how clear cryptocurrency regulations can benefit the financial system and the United States as a whole.
