coinbase has thrown out a grassroots political campaign to promote pro-cryptocurrency policies, according to a Feb. 28 Twitter thread from the company.
The company said the #Crypto435 campaign aims to "grow the cryptocurrency advocacy community and share tools and resources" so that cryptocurrency users can make their voices heard in all 435 constituencies.
1/ Time to advance pro-crypto policy in all 435 US congressional districts.
introducing #crypto435our campaign to grow the cryptocurrency advocacy community and share tools and resources to make your voice heard.
Become an advocate today https://t.co/TPJhtoP9eC
โCoinbase (@coinbase) February 28, 2023
Coinbase provided a link to a registration page that asked users to provide a name, address, phone number, and email address to receive more information. It stated that it will provide people who sign up with "information on how to contact specific politicians in their local districts, what those politicians' records are in crypto, tips for making their voices heard in DC, and more."
In the thread, Coinbase argued that the crypto community has reached a "crunching point" where political action will now be necessary, stating:
โThe crypto community has reached an important moment. Decisions made by lawmakers and regulators in DC and across the country will affect the future of how we can build, buy, sell, and use crypto.โ
The announcement had mixed reactions from Twitter users. Many applauded the move with statements like "Crypto is what we can all come together and support." and โGood Coinbase stuff. Very important!" At the same time, some XRP fans alleged that the announcement was hypocritical. They felt that if Coinbase really wanted to fight the powers that be, it would not have removed XRP after the Securities and Exchange Commission (SEC) did so. tag as a value.
It's simple, #relistXRP This is how our voices will be heard.
โ Teddy RauxpinammoNitEยณฮฉยณ โ๏ธ (@teddy_rauxpin) February 28, 2023
Other than a small tax provision enacted in 2021The US Congress has not passed any laws defining what a cryptocurrency is or legislating how crypto companies can specifically comply with regulation.
This is in contrast to Singapore, where the legislature passed a law which specifically specified the requirements to operate a cryptocurrency-related business in the country.
SEC Chairman Gary Gensler has argument that existing US securities law applies to cryptocurrencies in some cases. But Nexo and other crypto companies have claimed that current US laws are so vague that the industry He does not know how to meet them.
The topic of crypto regulation continues to be the subject of heated debate both within and outside of the crypto community. Crypto companies have donated to lobby groups in the past. But this seems to be one of the first times that a cryptocurrency company has tried to organize a grassroots political campaign.
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