(Reuters) – Coinbase, the largest U.S. cryptocurrency exchange, is increasing its grassroots advocacy campaign to support legislation that will bring regulatory clarity to the industry, the company announced.
In July, a congressional committee proposed a crypto bill that would determine whether a cryptocurrency is classified as a security or a commodity. The industry is hoping for the bill to receive a full vote in the U.S. House of Representatives.
Coinbase is launching a comprehensive paid media campaign on Tuesday, including advertisements in Washington, DC, and calls-to-action on its own platform, urging crypto users to contact their members of Congress to support the passing of crypto legislation.
Coinbase is also organizing a “fly-in” on September 27, where executives and developers from approximately 35 crypto companies will meet with staff and lawmakers on Capitol Hill.
“Crypto is just so much bigger than Coinbase, and that I think is what’s going to be really powerful about the fly-in,” said Kara Calvert, head of U.S. policy at Coinbase.
Coinbase estimates that there are 52 million crypto owners in the U.S.
This effort demonstrates the crypto industry’s determination to influence policymakers in Washington, as it sees an opportunity to enact legislation that would rein in the U.S. Securities and Exchange Commission (SEC), which has been cracking down on the industry. Coinbase is currently facing a lawsuit from the SEC for allegedly selling unregistered securities, a claim the company denies.
In recent years, Coinbase has been leading industry advocacy efforts and has spent $3.39 million on lobbying in the 2022 election cycle, the highest amount among all crypto companies, according to OpenSecrets.
Last month, Coinbase established a non-profit organization called Stand With Crypto to promote pro-crypto policies. The group has recently hosted events in Ohio, Nevada, Georgia, and Montana to gauge the level of support among crypto advocates, as mentioned in a Coinbase blog post.
(Reporting by Hannah Lang in Washington; editing by Michelle Price and Timothy Gardner)
Credit: The Star : Tech Feed
