Efforts to boost cryptocurrencies across the US
On the 1st, major US crypto asset (virtual currency) exchange Coinbase announced “Crypto435”, an initiative aimed at promoting cryptocurrency policies across the United States.
1/ It’s time to advance pro-crypto policy in all 435 Congressional Districts across the US
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
435 means 435 constituencies nationwide. In each of its constituencies, it seeks to make the voice of the cryptocurrency community available to legislators and regulators. Coinbase introduced the registration page for this campaign.
“If you believe in the potential of cryptocurrencies and the Web3, now is the time to make your voice heard in lawmakers and regulators,” Coinbase said.
The cryptocurrency community is at an important moment. Decisions made by Congress, policymakers and regulators across the country will affect how we build the cryptocurrency sector and how we buy, sell and use cryptocurrencies.
We need thoughtful policymaking and smart regulation so that we can continue to advance cryptocurrencies and the Web3 and promote economic freedom.
Coinbase will provide people who have signed up for the Crypto435 community with information such as how to contact politicians in their local constituency, their cryptocurrency policies, and tips for getting their voices heard in Congress. I plan to continue.
In 2024, the United States will hold presidential and congressional and state legislative elections.
Following the bankruptcy of major exchange FTX, the US government and authorities are paying more attention to how the virtual currency industry should be regulated. In addition, Coinbase launched this campaign at the timing of the 2024 presidential election.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Increased lobbying activity
Coinbase was also actively lobbying in 2022, according to the nonprofit OpenSecrets. Among the virtual currency industry, it was the largest expenditure of about 460 million yen (about 3.4 million dollars).
The entire cryptocurrency industry also spent a record ¥2.9 billion ($21.55 million) on lobbying in 2022. It has more than tripled from about 1.1 billion yen ($8.29 million) in 2021.
connection: Crypto Industry Lobbying Expenses in 2022 Hit Record High, Led by Coinbase
What is lobbying
Political activity in which an individual or organization with a specific claim presents their policy requests to the government or international organizations. It is a legal activity in the United States and requires official registration as a lobbyist.
Recent regulatory developments
In February, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against a staking service offered by cryptocurrency exchange Kraken, alleging it was an unregistered security.
SEC Chairman Gary Gensler said that when offering investment contracts, whether for staking services or lending, cryptocurrency intermediaries should provide users with the appropriate disclosures and protections required by securities laws. I have commented that I have to give.
The matter sparked industry debate over whether the Kraken case was considered a security in isolation, or whether it affects other staking services as well.
connection: How to view the Kraken indictment of the US SEC, and consider the impact on Ethereum staking