The company provided a link for voters to register and get information about cryptocurrency policies from local politicians.
Coinbase ha thrown out a grassroots political campaign to promote pro-crypto policies, according to a company Twitter thread on Feb. 28.
The company said the #Crypto435 campaign aims to “grow the cryptocurrency advocacy community and share tools and resources” so that cryptocurrency users can make their voices heard in all 435 congressional districts.
1/ It’s time to advance pro-crypto policy in all 435 Congressional Districts across the U.S.
Introducing #Crypto435our campaign to grow the crypto advocacy community and share tools and resources to make your voice heard.
Become an advocate today https://t.co/TPJhtoP9eC
— Coinbase (@coinbase) February 28, 2023
Coinbase provided a link to a registration page asking users to provide their name, address, phone number, and email address to receive more information. It stated that it will provide people who sign up “information on how to contact specific politicians in their local districts, what those politicians’ records are on crypto, tips for making their voices heard in DC, and more.”
In the thread, Coinbase argued that the crypto community has reached a “crunching point” where political action will now be necessary, declaring:
“The crypto community has reached an important juncture. The decisions being made by lawmakers and regulators in DC and across the country will impact the future of how we can build, buy, sell, and use crypto.”
The announcement had mixed reactions from Twitter users. Many applauded the move with statements like “The crypto space is what we can all come together and support” and “Good job Coinbase. Very important!” At the same time, some XRP fans claimed that the announcement was hypocritical. They considered that if Coinbase really wanted to fight the powers that be, it would not have delisted XRP after the Securities and Exchange Commission (SEC) labeled it as a security.
It’s simple, #relistXRP That’s how our voices will be heard.
— Teddy RauxpinammoNitE³Ω³ ☀️ (@teddy_rauxpin) February 28, 2023
Other than a small tax provision enacted in 2021, the United States Congress has not passed any laws defining what a cryptocurrency is or specifically legislating how crypto companies can comply with regulation.
This is in contrast to Singapore, where the legislature passed a law specifying the requirements for operating a cryptocurrency-related business in the country.
SEC Chairman Gary Gensler has argued that existing US securities law applies to cryptocurrencies in some cases. But Nexo and other cryptocurrency companies have claimed that current US laws are so vague that the industry doesn’t know how to comply.
The issue of cryptocurrency regulation continues to be the subject of heated debate both within and outside of the crypto community. Cryptocurrency companies have made donations to lobbyists in the past. But this appears to be one of the first times that a cryptocurrency company has attempted to mount a grassroots political campaign.
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