Coinbase, the largest cryptocurrency exchange in the United States, has announced an escalated grassroots advocacy initiative aimed at advancing legislation to bring regulatory clarity to the crypto industry. In July, a congressional committee made progress with a crypto bill that seeks to clearly define when a cryptocurrency is categorised as a security or a commodity. The industry is eager for this bill to proceed to a full vote in the US House of Representatives.
Starting on Tuesday, Coinbase is initiating an extensive paid media campaign, featuring advertisements in Washington, DC, and calls-to-action on its platform encouraging crypto users to reach out to their congressional representatives, urging them to support crypto legislation, as reported by Reuters.
Additionally, Coinbase is orchestrating a "fly-in" event on September 27, during which executives and developers from approximately 35 crypto companies will convene to meet with staff and lawmakers on Capitol Hill.
Kara Calvert, head of US policy at Coinbase, stated, “Crypto is just so much bigger than Coinbase, and that I think is what's going to be really powerful about the fly-in."
Coinbase estimates that there are 52 million crypto owners in the US.
This concerted effort highlights the crypto industry's determination to make its voice heard in Washington, recognising an opportunity to progress legislation that would exert oversight on the US Securities and Exchange Commission (SEC), an entity that has been tightening regulations within the industry. The SEC has filed a lawsuit against Coinbase, alleging the sale of unregistered securities, which the company vehemently denies.
In recent years, Coinbase has been at the forefront of industry advocacy, allocating $3.39 million toward lobbying during the 2022 election cycle, surpassing all other crypto companies significantly, as reported by OpenSecrets.
Furthermore, last month, Coinbase established a non-profit organisation called Stand With Crypto, aimed at promoting pro-crypto policies. This organisation has already conducted events in Ohio, Nevada, Georgia, and Montana, strategically testing the mobilisation of crypto advocates, as detailed in a Coinbase blog post.