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Coinbase has announced the launch of a crypto advocacy group tasked with promoting the interests of the crypto community.
Dubbed Stand with Crypto Alliance, the independent nonprofit organization aims to mobilize support for legislation that would create a regulatory framework for digital assets in the US.
“I think a few politicians are seeing crypto as an easy shot to take,” Faryar Shirzad, Coinbase’s chief policy officer, told CNN Business in a recent interview.
“I don’t think they have fully understood the passion and the community behind it.”
The primary goal of the organization is to bridge the gap between the crypto community and US regulators, who have often clashed over how the industry should be regulated.
The relationship between the crypto industry and the US government has been tumultuous, particularly in recent times.
The recent collapse of some high-profile crypto companies, including major exchanges like FTX and crypto lenders Celsius Network and Three Arrows Capital, has prompted regulators and lawmakers to adopt a stricter stance toward digital assets.
One of the main points of contention lies in how crypto tokens should be regulated.
The Securities and Exchange Commission (SEC) asserts that most crypto products should be treated as investment contracts, falling under their jurisdiction.
On the other hand, the crypto industry vehemently opposes this argument.
Last month, a US court also ruled in favor of the crypto community in the ongoing lawsuit brought by the SEC against Ripple, claiming that selling XRP (XRP) on exchanges in itself does not constitute an investment contract.
The ruling, issued by the District Court for the Southern District of New York, stated that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”
Coinbase Aims to Push For Regulatory Clarity with New Advocacy Group
Coinbase aims to build momentum with the Stand with Crypto Alliance, pushing for a clear regulatory framework in the US.
The nonprofit seeks to mobilize the decentralized crypto community and send a clear message to lawmakers that “recess is over.”
“America’s crypto constituency is strong — and will be holding them accountable this fall when Congress votes on common-sense legislation to protect consumers and their right to crypto.”
Although crypto adoption has been steadily growing, it still faces hurdles on the path to mainstream acceptance.
The potential of cryptocurrencies lies in their ability to facilitate instant, fee-free financial transactions. Advocates view blockchain technology, the underlying infrastructure of crypto, as the future of global finance.
However, regulatory clarity remains the biggest hurdle, hindering potential investors from entering the space.
The Stand with Crypto Alliance is an expansion of Coinbase’s previous campaign, Crypto435, which aimed to organize the crypto community around legislative issues.
“We found ourselves kind of overwhelmed, to be honest, by the level of response that we’ve gotten” to Crypto435, Shirzad said.
Across all 435 congressional districts, “the amount of energy and and motivation that we’re seeing among the group is enormous, and so we thought we need to evolve this thing.”
With the launch of the Stand with Crypto Alliance, Coinbase hopes to bring together crypto enthusiasts from all walks of life to advocate for a regulatory framework that protects consumers while promoting innovation.