In a bid to foster greater regulatory clarity for cryptocurrencies, the “Stand with Crypto” campaign by Coinbase has gone as far as distributing cold brew coffee cans in Washington D.C. The goal? To shake up lawmakers and urge them to enact sensible policies for the crypto industry.
En Route to Washington
On September 27, Coinbase’s CEO, Brian Armstrong, alongside a group of American crypto entrepreneurs, headed to the nation’s capital. Their mission was to rally support for a new regulatory framework for digital currencies, previously greenlit by the House Financial Services Committee and the House Committee on Agriculture.
Armstrong, flanked by 40 crypto founders from across the country, made the case for America to follow in the footsteps of the rest of the G20 nations. He argued for the need to establish clear and consistent rules for the burgeoning industry.
Challenges on the Horizon
Despite these concerted efforts, the Coinbase campaign for sensible crypto policies faces an uphill battle. Critics warn that the proposed law might get sidetracked due to ongoing federal budget disputes and increased Senate efforts to curb crypto-related money laundering.
The campaign has elicited a mixed bag of reactions from the community. Some lauded Coinbase’s initiative as a step towards policy reform, while others speculated on why politicians might be against the transparency offered by blockchain technology.
The SEC and Coinbase’s Struggles
The “Stand with Crypto” campaign comes in the wake of legal action against Coinbase by the United States Securities and Exchange Commission (SEC). In June, the SEC accused Coinbase of breaching securities laws by offering unregistered securities on its trading platform.
Prior to the coffee cans initiative, Coinbase also issued nonfungible tokens (NFTs) to rally support from the crypto community for its fight for favorable crypto policies. Yet, the response was divided, with some members supporting the cause by minting the NFTs, and others questioning their potential impact.
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