Coinbase starts grassroots campaign to promote crypto legislation in US

Coinbase’s campaign for crypto regulation: Coinbase, the second biggest cryptocurrency exchange in the world, is intensifying its grassroots advocacy campaign to propel legislation aimed at providing regulatory clarity for the cryptocurrency industry, as announced by the company. In July, a congressional committee advanced a crypto bill focused on defining when a cryptocurrency is categorised as a security or a commodity. The industry is eager for this bill to proceed to a full vote in the US House of Representatives.

On Tuesday, Coinbase launched an extensive paid media campaign featuring advertisements in Washington DC, and calls-to-action on its platform, urging crypto users to contact their congressional representatives to support the passage of crypto legislation.

Coinbase is also organising a "fly-in" event on September 27, during which executives and developers from approximately 35 crypto companies will convene to engage with staff and lawmakers on Capitol Hill.

“Crypto is just so much bigger than Coinbase, and that I think is what's going to be really powerful about the fly-in," stated Kara Calvert, Head of US Policy at Coinbase.

Coinbase estimates that there are 52 million crypto owners in the US.

Coinbase spent $3.39 million lobbying for crypto

This concerted effort highlights the crypto industry's strong push in Washington, seizing the opportunity to progress legislation that would help regulate the US Securities and Exchange Commission (SEC), which has been tightening its oversight of the industry. The regulator is currently suing Coinbase over alleged sales of unregistered securities, a claim the company refutes.

In recent years, Coinbase has been at the forefront of industry advocacy, investing $3.39 million in lobbying during the 2022 election cycle, surpassing other crypto companies by a significant margin, as per OpenSecrets data.

Last month, Coinbase established a non-profit organisation, Stand With Crypto, dedicated to promoting pro-crypto policies. The group has already conducted events in Ohio, Nevada, Georgia, and Montana, testing the potential to mobilise crypto advocates, as per a Coinbase blog post.

(With Reuters inputs)