Leading crypto exchange Coinbase has taken an innovative leap forward by introducing a novel nonprofit venture to champion pro-crypto regulations on a global scale. The newly-established Stand With Crypto Alliance, spearheaded by the leading exchange, aims to drive legislative measures in the U.S. that are beneficial for the broader crypto industry, fostering both innovation and access. Operating under the 501(c)(4) status from the Internal Revenue Service, this Alliance stands as a beacon for social welfare.
During a Twitter Spaces dialogue, Kara Calvert, who heads U.S. policy at Coinbase, drew attention to the current policy discussions in Washington D.C. While they’ve traditionally revolved around mainstay players, the Alliance, birthed by Coinbase, hopes to infuse these conversations with fresh and diverse perspectives.
Coinbase previously orchestrated a “stand with crypto” town hall in New York. This gathering served as a nexus between the crypto industry and various tiers of government, fostering enhanced understanding.
Envisioned by the exchange, the Alliance is not just a body; it’s an instrument. It will empower the public with a host of tools, such as a scorecard and a legislative action portal, granting them a seamless pathway to connect with their congressional representatives.
Coinbase and the regulatory landscape
Coinbase, along with other crypto platforms, has been in the crosshairs of legal scrutiny. The U.S. Securities and Exchange Commission has alleged infractions, including broker and clearing violations. However, there’s a silver lining. Renowned entities, including U.S. Senator Cynthia Lummis and top academic minds from institutions like Yale, have come forward in solidarity with the crypto sector.
Faryar Shirzad, the platform’s Chief Policy Officer, took to social media to acknowledge this outpouring of support, underscoring the vital importance of legal fidelity and national security.
The regulatory compass guiding crypto assets is a matter of animated debate. While Coinbase and the wider community joust with regulators, there have been moments of triumph. A recent judicial verdict favored Ripple Labs, offering a modicum of validation to the industry’s perspective.
Furthermore, echoing the exchange’s endeavors, a bipartisan bill has surfaced in the House Financial Services Committee. This proposed legislation is poised to clarify regulatory boundaries, potentially granting the Commodity Futures Trading Commission a pivotal role.
Shirzad, in an official communication, emphasized the exchange’s unwavering objective. The Alliance seeks to galvanize the decentralized crypto community, reminding legislators of their solemn duties, especially with impending congressional decisions on crypto-centric consumer protection laws.
The promise of cryptocurrency, with Coinbase at its vanguard, offers a tantalizing vision for the financial future. But the journey is not without its obstacles. With scams marring the narrative, Coinbase’s fresh initiative, building on foundational efforts like Crypto435, seeks to rally and organize the crypto diaspora around key legislative milestones. Enthusiasts eager to align with the Stand With Crypto Alliance can do so through the Coinbase platform.
