Earlier today, Coinbase emphasized the significant impact of the upcoming U.S. elections on the future of cryptocurrency. The company’s blog post outlines the importance of electing pro-crypto candidates and enacting supportive policies.
Coinbase asserts that the current U.S. approach to cryptocurrency regulation, which it describes as “regulation by enforcement,” lacks clarity and hinders the sector’s growth. This approach, according to Coinbase, disadvantages everyday Americans and drives innovation and economic activity offshore.
Highlighting the power of grassroots support in the crypto community, Coinbase notes that the Fairshake Super PAC and its affiliates have raised over $78 million from various companies and industry leaders. This funding aims to support bipartisan, crypto-forward candidates in the 2024 elections, representing the interests of the 52 million Americans who own digital assets.
Coinbase lists several crypto companies and individuals who have contributed to the Fairshake Super PAC. This includes notable names like Andreessen Horowitz, Ark, Brian Armstrong, Blockchain Capital, Circle, Coinbase itself, and others, all committed to responsible growth in the crypto sector.
Coinbase supports the ‘Stand with Crypto’ grassroots movement, which aims to sign up 1 million members before the 2024 elections. The movement has already seen significant participation, with over 215,000 advocates joining within four months of its launch.
Coinbase stresses the importance of the 2024 elections for crypto, presenting a choice between candidates who support updating the financial system and those aligned with legacy institutions. The company cites dissatisfaction with the current financial system among Americans, especially younger generations, who are increasingly inclined to support crypto-friendly candidates.
Coinbase encourages the crypto community to actively participate in the political process. This includes attending town hall meetings, contacting representatives, voting wisely, and donating to organizations that advocate for crypto-friendly policies. The company emphasizes the power of personal stories and experiences in influencing lawmakers.
In late September, Kara Calvert, Head of US Policy at Coinbase, joined “Bloomberg Technology” hosts Ed Ludlow and Sonali Basak to discuss the current state of cryptocurrency regulation in the United States. The conversation centered on the challenges and prospects facing the crypto industry, especially considering the SEC’s extensive agenda and the “Stand with Crypto Day” event in Washington, D.C.
Coinbase was the organizer behind Stand with Crypto Day, held on 27 September 2023, a day following Calvert’s interview. This event aimed to highlight the diverse American demographic engaged in cryptocurrencies and the economic promise of this emerging technology. It coincided with a House Financial Services Committee oversight hearing where SEC Chair Gary Gensler responded to lawmakers’ queries about his stringent oversight of an industry he characterizes as riddled with deceptive practices and schemes.
Calvert underscored the importance of educating lawmakers about cryptocurrency during the interview. She pointed out that while a significant number of lawmakers recognize crypto’s importance, some still perceive it as plagued with fraud and corruption. The goal of industry representatives is to alter these perceptions by sharing personal accounts of how cryptocurrency has beneficially impacted their lives and financial situations.
Responding to Ludlow’s question about the objectives of these educational endeavors, Calvert indicated that the industry is advocating for legislation that establishes a comprehensive framework for cryptocurrency. She highlighted the public’s demand for consumer protection and a nurturing environment for innovation. Calvert referred to legislative efforts like the Financial Innovation Act for the 21st Century and the COIN Bill, which have been developing over the past 12 to 18 months, emphasizing that supporting these bills equates to endorsing consumer protection and future innovation.
Calvert also expressed concerns about the Biden administration’s approach potentially driving blockchain industries abroad. She referenced studies showing that 2% of developers are already relocating overseas, potentially leading to a loss of up to a million jobs by 2030. She cautioned that decisions made by unelected officials could significantly impact the industry and urged the administration to consider their actions carefully.
Featured Image via Coinbase
