Coinbase CEO: Crypto lobbying efforts need to be stepped up ahead of 2024 U.S. elections

Odaily Planet Daily News Coinbase CEO Brian Armstrong said in an interview with Messari founder Ryan Selkis that encryption lobbying needs to be strengthened before the upcoming 2024 US election. He said U.S.-based crypto companies are facing an “unfair” regulatory environment, with every startup receiving a subpoena or Wells Notice. Certain elements of the U.S. government are making it difficult for the crypto industry to thrive. There is now a concentrated effort to restrict and stifle the industry. Specifically, he believes that US SEC Chairman Gary Gensler and Senator Elizabeth Warren bear the greatest responsibility for this. But their views do not necessarily represent those of other members of the U.S. government. Many members of the U.S. Congress recognize that this industry has great potential for innovation, and they hope to protect consumers through reasonable regulation. Armstrong said if the industry wanted to see meaningful changes to the regulatory environment, it would need to step up its lobbying efforts ahead of the 2024 election. (The Daily Hodl) According to previous news, Coinbase stated that it is strengthening grassroots advocacy activities to promote legislation aimed at providing clear supervision for the encryption industry. A U.S. congressional committee advanced a cryptocurrency bill in July that would define when cryptocurrencies are securities or commodities. The industry wants a full vote on the bill in the U.S. House of Representatives. Coinbase will launch a comprehensive paid media campaign, including advertising in Washington, D.C., and a call on cryptocurrency users on its platform to contact U.S. lawmakers to demand they pass cryptocurrency legislation. Coinbase will also organize a “fly-in” event on September 27, where executives and developers from approximately 35 cryptocurrency companies will meet with staff and lawmakers in the U.S. Congress.