Coinbase starts U.S. pro-crypto policy campaign

Coinbase is believed not to have delisted XRP once the Securities and Exchange Commission (SEC) classified it as a security.

According to a February 28 Twitter thread from coinbase, the business has begun a grass-roots political campaign to push pro-crypto policy.

The #Crypto435 campaign, according to the business, aims to “expand the crypto advocacy community and share tools and resources” so that crypto users may make their opinions known in all 435 congressional districts.

To obtain further information, Coinbase sent a link to a registration page requesting the user’s name, address, phone number, and email address.

It said that it will offer anyone who sign up with “information about how to contact particular lawmakers in their local districts, what those politicians’ histories on crypto are, and methods for having your opinions heard in Washington, D.C.”

Coinbase stated in the thread that the crypto community has reached a “pivotal moment” where political action is required, 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.”

Twitter users had various reactions to the announcement. Several praised the decision with words such as “Cryptocurrency is something we can all embrace” and “Excellent work, Coinbase.

Extremely significant!” However, several XRP supporters said that the news was disingenuous.

They believed that Coinbase would not have delisted XRP once the Securities and Exchange Commission (SEC) classified it as is a security if it truly desired to oppose the establishment.

With the exception of a minor tax measure established in 2021, the U.S. Congress has not created any legislation defining what a cryptocurrency is or mandating how crypto firms must comply with regulation.

In contrast, Singapore’s legislature approved a legislation outlining the particular conditions for establishing a cryptocurrency-related business in the nation.

Gary Gensler, chairman of the SEC, has suggested that current U.S. securities legislation applies in some instances to cryptocurrencies.

Yet, Nexo and other crypto businesses have asserted that present U.S. rules are so ambiguous that the sector cannot comply with them.

The question of crypto regulation remains a strongly contested topic both inside and beyond the crypto community. In the past, crypto firms have given to lobbying groups.

Yet, it appears that this is one of the first instances a cryptocurrency corporation has attempted to organize a grass-roots political campaign.