The largest cryptocurrency exchange in the United States, Coinbase, has launched a campaign that aims to mobilize the nation’s 52 million cryptocurrency owners in support of calls for clear regulation of the sector. The first stage of this campaign, whereby Coinbase calls crypto holders to advocate for clear regulation, aims to mobilize the community to come on social media application X (previously known as Twitter) and take this battle to the level of handheld devices, encouraging cryptocurrency users to have a short break from their daily schedules “to call their member of Congress and ask them to pass clear, sensible legislation.”
The initiative will also be supported by a multi-platform media campaign, with both outdoor and digital advertisements now on display in Washington, D.C. The nine states—namely, Arizona, Ohio, New Hampshire, California, Georgia, Nevada, Pennsylvania, Illinois, and Wisconsin— which are known to have the highest percentage of Bitcoin owners will be targeted by this campaign locally.
It is noteworthy that this decision to launch a campaign comes after a congressional committee advanced a cryptocurrency measure in July that aims to specify exactly when a cryptocurrency is classified as a digital commodity or security. The whole market sector is keen for the United States House of Representatives to move this bill forward to a final vote.
Why is Better Regulation Necessary?
Without clear and comprehensive cryptocurrency legislation, according to Coinbase, the United States risks losing its position as a pioneer in the industry to China, which is “embracing and advancing the use of technology, including digital assets, to project power.” When the Chinese central bank’s digital currency, the digital Yuan, was introduced, Brian Armstrong, CEO of Coinbase, said that the same was purposed to starkly confront the U.S. dollar currency and its status in world commerce.
Furthermore, as per the sayings of the Coinbase exchange, those people who own cryptocurrencies as well as those who do not – will both benefit from clear legislation in the area because everyone agrees that the present financial system needs to change.
Peddling these to primary reasons, Coinbase calls crypto holders to advocate for clear regulation so that both business associations and clients have a better and safer experience with digital tokens in the future. The head of US policy at Coinbase, Kara Calvert, has stated, “Crypto is just so much bigger than Coinbase, and that, I think is what’s going to be powerful about the fly-in.”
How is the campaign planned to go?
According to Reuters, Coinbase calls crypto holders to advocate for clear regulation by firstly and foremost launching a systematic and extensive paid media campaign on Tuesday that will include calls to action on its platform and advertisements in Washington, DC, encouraging cryptocurrency users to contact their congressional representatives and ask them to support crypto legislation. Most importantly, this whole campaign is to be set up at and from the grassroots level of public media.
On September 27, Coinbase is also going to organize a “fly-in” event where executives and developers from about 35 cryptocurrency startups will gather to get together with the legislators and staff on Capitol Hill.
While Coinbase calls crypto holders to advocate for clear regulation, the company has widely touted the most recent research work by Electric Capital developer’s study. Via this report, Coinbase points out that over the next seven years, one million employment positions as software developers, along with three million associated, non-technical jobs, could go abroad, having a significant negative influence on the bitcoin business. The brain drain will monumentally raze the strength of the whole crypto industry to the point of irreparable damage.
Because of this complaint ambiguity in crypto regulations, even Coinbase has been the subject of SEC enforcement efforts, which has had a massive impact on the brand. The exchange is currently engaged in a legal conflict with the government after being accused of offering unregistered brokerage services and breaking securities regulations in June.