Taking a Stand Against Anti-Crypto Legislation: Coinbase's Bold Initiative
In a bold move, cryptocurrency exchange giant Coinbase announced the inception of the Stand With Crypto Alliance on August 14. With an impressive 52,269 “advocate” signups on its very first day, this initiative signifies Coinbase’s commitment to combating anti-crypto legislation by mobilizing grassroots support within the crypto community.
Aiming for Advocacy and Reform
While Coinbase hasn’t divulged all the details of its long-term strategy, the company is clear about its primary objective: to cultivate a grassroots movement that advocates for legal reforms supportive of the cryptocurrency space. This initiative aligns with the broader industry sentiment of addressing regulatory challenges head-on and shaping crypto-friendly legislation.
52K Advocates and Counting
The initial response to Coinbase’s Stand With Crypto Alliance has been nothing short of impressive, as the company proudly reports more than 52,000 advocates rallying behind the cause. The alliance encourages individuals to become members, reach out to their local representatives, and even create non-fungible tokens (NFTs) on the Coinbase Base network.
Supporting the Cause
The Stand With Crypto Alliance is not merely a call to arms; it’s also a call for financial support. The initiative welcomes donations to fuel its advocacy efforts. As per the latest figures, the top 50 donors have contributed a combined total of $2,240 in various cryptocurrencies. While some donors choose to remain anonymous, notable figures from within Coinbase, including Associate General Counsel, Corporate Doug Sharp, and VP of Product Max Branzburg, have also stepped up to contribute.
Shining the Spotlight: Crypto-Friendly Lawmakers and Opposition Figures
Coinbase’s program page serves as more than just a hub for supporters; it’s a platform that helps inform and inspire action. The page highlights lawmakers who have shown support for cryptocurrencies, such as Republican David Schweikert and Democrats Josh Gottheimer and Ritchie Torres. On the flip side, Coinbase doesn’t shy away from spotlighting those who have expressed opposition to cryptocurrencies, including Democrat Elizabeth Warren. This information empowers users to engage with their representatives and make informed decisions come election time.
Coinbase’s Unwavering Advocacy
This isn’t Coinbase’s first foray into the realm of legal advocacy. The company’s earlier initiative, the “Stand with Crypto” shield NFT, was minted an astounding 160,000 times, raising an impressive $215,000 that was funneled into various crypto advocacy organizations. Additionally, Coinbase’s previous on-chain petition garnered over 188,000 signatures, showcasing the widespread support for crypto-related causes.
Connecting the Dots: The Crypto435 Connection
Coinbase’s latest initiative, the Stand With Crypto Alliance, finds synergy with another of the company’s advocacy campaigns — Crypto435. According to reports from CNN, Crypto435 was launched in March, further emphasizing Coinbase’s ongoing commitment to driving regulatory change.
Facing Regulatory Challenges Head-On
Coinbase’s fervent interest in influencing legislation is undoubtedly rooted in its own experiences with regulatory scrutiny. The U.S. Securities and Exchange Commission (SEC) sued Coinbase in June, prompting the exchange to assert that regulatory guidelines should be articulated more clearly, with a more practical route to compliance provided.
In a landscape where crypto’s legal standing remains dynamic and often uncertain, Coinbase’s Stand With Crypto Alliance is a beacon of determination. As the crypto community bands together to shape the industry’s future, initiatives like these carry the potential to drive substantial change and foster an environment where innovation can thrive uninhibited.
