Coinbase has promised to empower the Crypto435 community with information on how to connect with their political representatives.
Coinbase Global Inc (NASDAQ: COIN) has undertaken several initiatives to steer forward cryptocurrency adoption in the United States. As the leading publicly traded cryptocurrency exchange, the company understands the need to educate policymakers about the nascent crypto asset industry. Furthermore, the policy decisions being stipulated in Congress now about the digital asset industry will significantly impact the way Americans interact with crypto in years to come.
For instance, the United States Securities and Exchange Commission has indicated that most digital assets will not survive in the long run. Additionally, SEC Chair Gary Gensler has recently announced that all digital assets apart from Bitcoin are unregistered securities. Most importantly, the SEC has classified the cryptocurrency staking programs as unregistered securities following the Kraken $30 million settlement.
On stablecoins, the United States seems to be choosing winners, with Binance-backed BUSD no longer in business after the New York Department of Financial Services (NYDFS) directed Paxos to halt further minting.
Crypto435: Coinbase Steps to Provide Clarify
In a recent tweet, Coinbase announced the launch of a grassroots political campaign to promote pro-crypto policies. The company provided a link for voters to sign up to gain information about local politicians’ crypto policies. Dubbed Crypto435, Coinbase introduced the campaign to grow the crypto advocacy community and share tools and resources to make people’s voices heard.
3/ The crypto community has reached an important moment. Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto.
— Coinbase (@coinbase) February 28, 2023
The company’s quarterly revenues significantly depend on how the policymakers shape the Web3 and crypto market in the United States. Moreover, high scrutiny of crypto exchange transactions has forced many investors to move to decentralized exchanges and non-custodial wallets.
“We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3 and make progress on our mission to increase economic freedom,” the company noted.
Coinbase has promised to empower the Crypto435 community with information on how to connect with their political representatives. As a result, the Crypto435 community can have the necessary information about how their political representatives think about the cryptocurrency industry.
5/ Coinbase will empower the #Crypto435 community with information about how to contact specific politicians in their local districts, what those politician’s records on crypto are, tips for making your voices heard in D.C., and more.
— Coinbase (@coinbase) February 28, 2023
The company’s initiative has mixed reactions on Twitter, with some asking for XRP re-listing and others commending the move.
Side Notes
Coinbase shares closed Tuesday trading at $64.83, up 9.96 percent from the day’s opening price. The company takes pride in over 110 million verified users from over 100 supported countries. With over $145 billion in quarterly volume traded, the company has seen its valuation rise to $13.38 billion.
According to market data from MarketWatch, COIN shares are up approximately 83 percent YTD.
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