Coinbase starts a campaign to support crypto legislation

by Mar 1, 2023CryptoNews0 comments

Voters may join through a URL supplied by the firm to get information about local lawmakers’ cryptocurrency policy. According to a corporate Twitter thread dated February 28, Coinbase has started a grassroots political effort to support crypto legislation.

For cryptocurrency users to be heard in all 435 congressional districts, the business stated that the #Crypto435 campaign aims to “expand the crypto legislation community and share tools and resources.”

Coinbase gave a link to a registration page where customers may provide their name, address, phone number, and email address to gather further information. According to the exchange, users who join up will receive “information about how to contact specific lawmakers in their local districts, what those politicians’ histories on cryptocurrency are, strategies for having your views heard in D.C., and more.”

Crypto Legislation On Twitter

In the conversation, Coinbase made the following claim that the crypto community has reached a “pivotal point” when political action is now required:

“The crypto community has reached an important moment. Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto.”

Twitter users’ reactions to the news were conflicted. Several praised the decision, saying things like “Excellent stuff Coinbase” and “Crypto is what we can all join together and support.” Extremely significant! Several XRP supporters noted that the news was hypocritical at the same time.

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They believed Coinbase would not have delisted XRP after the Securities and Exchange Commission classified it as a security if it genuinely sought to challenge the establishment.

The U.S. Congress has yet to establish any regulations defining a cryptocurrency or specifying how precisely crypto firms can adhere to code, except for a minor tax measure introduced in 2021.

This contrasts Singapore, where the government issued legislation outlining the conditions for running a crypto-related firm there.

According to SEC Chair Gary Gensler, there are several circumstances in which crypto is covered under current U.S. securities legislation. Nevertheless, Nexo and other cryptocurrency firms have argued that because of the ambiguity of present US rules, the sector is unable to comply with them.

Conclusion

The topic of crypto legislation is still a contentious one, both inside and outside of the crypto community. In the past, cryptocurrency businesses have given to advocacy organizations. Yet it seems like this is one of the first times a cryptocurrency corporation has attempted to put together a grassroots political campaign.

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