Coinbase revealed a campaign to move more than 52 million U.S.-based cryptocurrency holders to call for clear and precise regulation. The push, part of a countrywide initiative, will be supported by a paid media campaign across multiple platforms but directed to nine states where most crypto owners are concentrated.
Coinbase Calls Crypto Holders to Action
Coinbase, the largest U.S.-based cryptocurrency exchange, has unleashed a campaign that seeks to leverage 52 million crypto holders in the country to ask for clear regulation in the cryptocurrency industry. According to the exchange, clear laws in the field will benefit crypto and non-crypto holders alike, who collectively believe the current financial system needs a change.
The first phase of this campaign aims to organize the community to move out of X (formerly known as Twitter) and to take this battle to phone calls, mobilizing crypto users to “take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation,” per a press release.
In addition, the movement will be supported by a media campaign across multiple platforms, with digital and outdoor advertisements already being showcased in Washington D.C. This campaign will be localized into the nine states with the most cryptocurrency holders, including Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin.
The Need for Clarity in Crypto Regulation
Coinbase declares that without clear and comprehensive cryptocurrency laws, the U.S. is poised to lose its leadership in the space, as China is “embracing and advancing the use of technology, including digital assets, to project power.” Coinbase CEO Brian Armstrong had spoken on this subject before, stating that the launch of the digital yuan, the Chinese central bank digital currency (CBDC), aimed to “directly challenge the U.S. dollar and its role in global commerce.”
In the same way, Coinbase alleges the impact of the current uncertainty in the cryptocurrency industry will be massive, as one million developer jobs and three million related non-technical jobs over the next seven years could move overseas, according to the latest Electric Capital developer report.
Coinbase has been affected by this lack of clarity, being the target of Securities and Exchange Commission (SEC) enforcement actions. In June, the exchange was accused of providing unregistered brokerage and violating securities laws, a legal battle it is currently fighting in court.
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