Coinbase and a group of crypto entrepreneurs went to Washington, D.C. to convince lawmakers to provide regulatory clarity for the industry.
The Coinbase “Stand with Crypto” campaign has reached coffee cans as the exchange and industry stakeholders convened in Washington, D.C.
Coinbase handing out cold brew on Cap Hill pic.twitter.com/4vXWXB7zRJ
— Eli Tan (@elitanjourno) September 27, 2023
On Sept. 27, Coinbase CEO Brian Armstrong and crypto entrepreneurs based in the United States went to Washington D.C. to persuade lawmakers to support a new set of rules for digital currencies.
These rules were approved by the Republican-led House Financial Services Committee and House Committee on Agriculture earlier in summer 2023. If the rules are implemented, it will make it easier for crypto companies to follow regulations without facing too many obstacles.
According to Armstrong, Coinbase went to the country’s capital with 40 crypto founders from all over the United states. The Coinbase CEO believes it’s time for the country to join the rest of the G20 and put in place a set of clear rules for the industry.
Here at our nations capital for #StandWithCrypto day with 40 crypto founders from across the country.
— Brian Armstrong ️ (@brian_armstrong) September 27, 2023
It’s time for America to join the rest of the G20 and get some clear rules on the books. pic.twitter.com/oQCBGH2yGY
Despite the attempt, some reports suggest Coinbase faces an uphill battle. Observers warn the law could receive less attention because of the budget dispute at the federal level and increased Senate efforts to crack down on crypto money laundering.
Related: Coinbase holds 5% of all Bitcoin in existence: Data
Community members responded to the campaign with different reactions, with some supporting Coinbase’s efforts and others theorizing why politicians may be against blockchain.
On X (formerly Twitter), a community member thanked Coinbase and said that this is a “step towards making a difference with policy.” Meanwhile, a Redditor noted that politicians may steer taxpayer dollars for their own purposes. According to the Reddit user, this may be the reason why politicians don't like crypto as it's on a "visible-to-anyone" blockchain.
The Coinbase Stand with Crypto campaign follows the United States Securities and Exchange Commission’s (SEC) legal actions against the crypto exchange. On June 6, the SEC sued Coinbase for allegedly breaking securities laws by offering unregistered securities on its crypto trading platform.
Before reaching coffee cans, the exchange also released nonfungible tokens (NFTs) to gather support from crypto community members in its fight for favorable crypto policies. However, community members were split, with some offering support by minting the NFTs and others feeling unsure if it would have an impact.
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