Coinbase has launched a grassroots political campaign to promote pro-crypto policies, according to a Feb. 28 Twitter thread from the company.
The company said that the #Crypto435 campaign is intended to “grow the crypto advocacy community and share tools and resources” so that crypto users can make their voices heard in all 435 congressional districts.
Coinbase provided a link to a signup page asking users to provide a name, address, phone number and email address to receive further information. The exchange claimed that it will provide people who sign up with “information about how to contact specific politicians in their local districts, what those politicians’ records on crypto are, tips for making your voices heard in D.C., and more.”
In the thread, Coinbase argued that the crypto community has reached a “pivotal moment” in which political action will now be necessary, stating:
“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.”
The announcement had mixed reactions from Twitter users. Many applauded the move with statements like “Crypto is what we can all come together and support.” and “Good stuff Coinbase. Very important!” At the same time, some XRP fans alleged that the announcement was hypocritical. They felt that if Coinbase really wanted to fight the powers that be, it would not have delisted XRP after the Securities and Exchange Commission labeled it as a security.
Aside from a small tax provision enacted in 2021, the U.S. Congress has not passed any laws defining what a cryptocurrency is or legislating how specifically crypto businesses can comply with regulation.
This is in contrast to Singapore, where the legislature passed a law that specifically spelled out the requirements for operating a crypto-related business in the country.
SEC Chair Gary Gensler has argued that existing U.S. securities law applies to crypto in some cases. But Nexo and other crypto companies have claimed that current U.S. laws are so vague the industry doesn’t know how to comply with them.
The issue of crypto regulation continues to be hotly debated both inside and outside the crypto community. Crypto companies have donated to lobbying groups in the past. But this appears to be one of the first times a crypto company has tried to organize a grassroots political campaign.