Coinbase, the largest cryptocurrency exchange in the United States, has embarked on a nationwide campaign aimed at rallying over 52 million American cryptocurrency holders to advocate for transparent and precise regulation within the cryptocurrency industry. The objective is to foster a regulatory environment that benefits both crypto enthusiasts and those outside the crypto sphere who recognize the necessity for a transformation in the current financial system.
In the first phase of this initiative, Coinbase aims to mobilize the crypto community to shift from online platforms like X (formerly Twitter) to direct action via phone calls. The rallying cry is for crypto users to dedicate just one minute of their day to contact their congressional representatives and urge them to pass legislation that is clear and pragmatic. This call to action is outlined in a recent press release.
To bolster this movement, a comprehensive media campaign has been launched across various platforms. Digital and outdoor advertisements have already been prominently displayed in Washington D.C. Additionally, this campaign will be localized to focus on nine states with the highest concentration of cryptocurrency holders: Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin.
The Imperative for Clarity in Cryptocurrency Regulation
Coinbase emphasizes that without well-defined and comprehensive cryptocurrency regulations, the United States risks relinquishing its leadership position in the crypto arena. The exchange cites China as a notable example, highlighting China’s commitment to harnessing technology and digital assets, such as their central bank digital currency (CBDC), as a means to exert global influence. Coinbase CEO Brian Armstrong has previously voiced concerns regarding the digital yuan, asserting that it poses a direct challenge to the U.S. dollar’s role in global commerce.
Moreover, Coinbase contends that the repercussions of the prevailing uncertainty in the cryptocurrency sector could be substantial. According to the latest Electric Capital developer report, as many as one million developer jobs and three million non-technical jobs associated with the crypto industry could potentially migrate overseas over the next seven years if regulatory clarity is not established.
Coinbase itself has grappled with the consequences of regulatory ambiguity, finding itself the target of enforcement actions by the U.S. Securities and Exchange Commission (SEC). In June, the SEC accused Coinbase of facilitating unregistered brokerage services and violating securities laws, leading to an ongoing legal battle in the courts.