Coinbase Ramps Up U.S. Crypto Advocacy Efforts

Coinbase Launches Major Advocacy Campaign

Coinbase, a major U.S. cryptocurrency exchange, has announced a significant step in its advocacy efforts. Their focus is on advancing specific legislation to bring clarity in the regulatory landscape of the cryptocurrency industry. This move comes amidst ongoing legislative developments.

In July, a notable development occurred. A congressional committee progressed a bill that seeks to classify cryptocurrencies either as securities or commodities. This distinction is crucial for the industry. The crypto community eagerly anticipates the bill's progression to a full vote in the U.S. House of Representatives.

A pivotal element of Coinbase's strategy is a comprehensive paid media campaign. This campaign will be visible in Washington, DC. It will feature advertisements and encourage crypto users to actively engage with their congressional representatives. The goal is to foster support for passing crypto-focused legislation.

Another strategic move by Coinbase is the organization of a unique event. On September 27, they are arranging a "fly-in." This event will see executives and developers from approximately 35 crypto firms converging on Capitol Hill. They will meet with lawmakers and staff, discussing the future of cryptocurrency.

Kara Calvert, head of U.S. policy at Coinbase, commented on the significance of this initiative. "Crypto is just so much bigger than Coinbase, and that I think is what's going to be really powerful about the fly-in," she said.

Coinbase's efforts reflect the size of the crypto community in the U.S., estimated to be around 52 million owners. This shows the significant impact potential of these advocacy efforts.

The crypto industry faces challenges, notably from the U.S. Securities and Exchange Commission (SEC). The SEC has increased scrutiny of the industry, including legal actions against Coinbase for allegedly selling unregistered securities, a claim Coinbase denies.

Coinbase has been at the forefront of industry advocacy. They spent $3.39 million on lobbying in the 2022 election cycle, the highest in the crypto sector, according to OpenSecrets.

Furthering their advocacy, Coinbase recently established a non-profit, Stand With Crypto. This organization aims to support pro-crypto policies. They have organized events in various states, demonstrating their capability to mobilize crypto advocates.