Coinbase, the prominent US-based cryptocurrency exchange, announced the launch of the Stand with Crypto Alliance, an advocacy organization aimed at mobilizing the crypto community to participate in legislative processes actively.
Per the announcement, the Alliance intends to drive clear and sensible regulation to secure the future of cryptocurrencies in America.
Coinbase-backed Advocacy Organization
With over 50 million Americans holding digital assets, the Stand with Crypto Alliance recognizes the growing influence and size of the crypto community, which extends beyond the reach of Coinbase alone.
By leveraging blockchain technology, the Alliance aims to organize the community into a “powerful voice” advocating for policies that modernize the financial system and promote economic empowerment.
The Stand with Crypto Alliance distinguishes itself as the nation’s first independent and on-chain advocacy organization, providing a launch pad for the decentralized crypto community to engage with lawmakers.
According to Coinbase, it represents a true grassroots movement within the crypto space, capitalizing on recent bipartisan legislative momentum in Congress.
The primary goal of the Alliance is to urge Congress to take decisive action and enact “common-sense” legislation that protects consumers and their right to engage with cryptocurrencies.
It seeks to hold lawmakers accountable during the upcoming fall session when important crypto-related votes are expected.
The urgency stems from the realization that the future of crypto in America is at risk. Despite nearly a quarter of American adults owning cryptocurrencies, lawmakers have long postponed the establishment of clear regulatory frameworks.
Per the announcement, this delay has allowed “unelected” regulators to “operate without proper oversight”, potentially undermining the nation’s economic security and impeding its leadership in innovation.
Coinbase suggests that the consequences include the loss of thousands of jobs to overseas markets and inadequate protection for American consumers.
Moreover, the Stand with Crypto Alliance cites the risk of losing over a million new jobs and falling behind global competitors, such as China, who have embraced crypto policies.
Crypto’s Rising Appeal In The US
Highlighting the significance of cryptocurrencies across different demographics, recent data shared by Coinbase reveals that 87% of Americans believe that the financial system requires changes or a complete overhaul.
Additionally, Black and Hispanic adults exhibit greater optimism regarding cryptocurrencies’ future than white adults, while crypto ownership is evenly split across party lines in critical states.
Furthermore, the Stand with Crypto Alliance launch builds upon previous Coinbase-supported advocacy initiatives, demonstrating the enthusiasm among Americans to leverage crypto and blockchain technology.
For instance, the inaugural Stand with Crypto Shield was minted over 160,000 times, raising $215,000 for crypto advocacy organizations. What’s more, a pro-crypto on-chain petition amassed over 188,000 signatures.
In addition, according to Coinbase’s announcement, the Stand with Crypto Alliance aims to tap into the existing passion for crypto among grassroots advocates and organizations across the United States.
It seeks to address the country’s “lag” in paving the way for this revolutionary technology, offering a path to improve the current financial system. The exchange further claimed:
By joining the movement, individuals can help secure the future of crypto by supporting efforts to drive clear and sensible regulation.
Overall, the launch of the Stand with Crypto Alliance by Coinbase signifies a significant step towards organizing the crypto community as a core constituency in the legislative process.
Featured image from iStock, chart from TradingView.com