Coinbase initiated a campaign encouraging crypto users to get in touch with their Congressional representatives to advocate for cryptocurrency-related legislation. The exchange, a proponent of well-defined regulations for the cryptocurrency sector, stated that its paid media initiative will encompass digital and outdoor advertisements in Washington D.C. 

Its campaign will pay special attention to nine states where there are a significant number of crypto owners, including Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania and Wisconsin, according to a blog released Tuesday. It will include in-person initiatives, such as placing full-time field organizers in these key states. 

The crypto exchange is hosting an event on Sept. 27, bringing together innovators, entrepreneurs and developers from across the US who will travel to Washington D.C., to engage in public advocacy with members of Congress and government officials. “They will explain how crypto is creating jobs and economic activity in their home states — and just how important it is for the US not to pursue an enforcement only approach that is driving jobs, innovation, and leadership out of the US,” Coinbase said.  

“Each of these crypto public advocates has made the decision to stay in the US and use the underlying technology of the blockchain to update our financial system.” Two congressional committees have already approved a bill that provides clarity on the classification of digital assets, determining whether they should be categorized as securities or commodities. 

The industry is pushing for this bill to advance to a full vote in the U.S. House of Representatives. In the blog, Coinbase estimates that there are about 52 million people who own crypto in the US, equating to roughly 1 in 5 adults. Despite substantial cryptocurrency industry lobbying efforts in the US last year, many feel that lawmakers and regulators have not done enough to establish a comprehensive framework for digital assets. 

Coinbase increased its cryptocurrency lobbying budget to nearly $3.4 million in 2022, from around $1.5 million spent on similar efforts the prior year. Separately, Coinbase sued the SEC in April in an attempt to compel the securities watchdog to offer regulatory clarity for the industry. The exchange is also facing federal charges from the regulator, accusing it of functioning as an unregistered securities exchange and failing to register its crypto staking-as-a-service program. Don’t miss the next big story – join our free daily newsletter. 

Source : Blockworks / September 20, 2023