Coinbase Crypto Advocacy Drive: Empowering 52 Million

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Martin Walker
Sep 24, 2023 at 12:44 pm

Coinbase, a major cryptocurrency exchange headquartered in the United States, remains committed to pursuing regulatory clarity within the crypto industry. The company asserts that the current enforcement strategy employed by regulators stifles innovation and jeopardizes global leadership.

In a concerted effort, Coinbase has initiated a fresh campaign to rally support from over 50 million crypto holders in the United States, urging them to advocate for clearly defined cryptocurrency laws.

Over 52 Million Crypto Enthusiasts in America

Recent data from Coinbase reveals that there are over 52 million crypto enthusiasts in the United States. Among them, 60% belong to either the Gen Z or Millennial demographics, 75% have an annual income below $100,000, and 41% identify as belonging to racial minorities. This showcases a younger and more diverse cohort compared to the overall US population.

Furthermore, a survey conducted in the autumn of 2022 indicated that 55% of voters in pivotal American states—Nevada, Ohio, Pennsylvania, and New Hampshire—expressed being "less likely" to support candidates who do not endorse crypto and Web3 technologies.

Moreover, a previous survey highlighted that 72% of Americans aged 18 to 34 believed that cryptocurrency provided direct control over personal assets, while an equal percentage agreed that "digital assets represent the future of finance."

Coinbase aims to unify the existing 52 million crypto enthusiasts into "a potent force" as part of its drive for clear cryptocurrency regulations, aligning with the upcoming 2024 US elections.

Coinbase's approach towards this objective involves advancing the Financial Innovation and Technology for the 21st Century Act ("FIT21"). This bill, slated for a vote on the House floor in the approaching fall, proposes enhancing the regulatory oversight of the Commodity Futures Trading Commission (CFTC) over the industry, surpassing that of the Securities and Exchange Commission (SEC).

The SEC has faced censure for its enforcement-centric regulatory approach, with companies and stakeholders in the crypto sector accusing the regulator of overstepping its regulatory mandate.

In the meantime, the cryptocurrency exchange giant is urging crypto holders to reach out to their congressional representatives, advocating for a clear and responsible regulatory framework.

Support Crypto Awareness Day

In August 2023, Coinbase unveiled the inception of an autonomous advocacy non-profit grassroots initiative named Stand with Crypto Alliance. The goal of this initiative is to promote sensible crypto innovation and policy. Since its launch, the organization has garnered support from over 100,000 individuals, with intentions to involve the 52 million crypto holders across the US.

"The objective of Stand with Crypto is to mobilize one million people, but envision the impact if we could mobilize even 10% of America's 52M crypto owners, transforming them into single-issue advocates—this could significantly challenge the existing norm and champion policies that modernize our financial systems, making them more equitable, decentralized, and inclusive."

Stand with Crypto Alliance is set to embark on a robust 14-month campaign, focusing on nine critical states—California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The advocacy endeavors have already commenced with digital and outdoor advertising campaigns in Washington, DC, starting on September 19.

Additionally, a designated Stand with Crypto Day will showcase innovators, developers, and entrepreneurs gathering in DC on September 27 from across the nation. They will meet with Members of Congress and government officials, articulating the advantages of crypto and elucidating how the current regulatory approach in the US is driving job opportunities and innovation beyond the country's borders.

Read more: Funding Success for Web3 Gaming Innovators

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