US-based cryptocurrency exchange giant Coinbase is ramping up its efforts to advocate for clear cryptocurrency regulations. The company believes that the current approach to enforcement by regulators hampers innovation and jeopardizes global leadership in the crypto industry. In order to garner support, Coinbase has launched a new campaign to mobilize over 50 million crypto holders in the United States.
According to data from Coinbase, there are currently 52 million crypto owners in the US, with the majority (60%) belonging to Gen Z or Millennials. Additionally, 75% of these owners have an income below $100,000, and 41% come from racial minorities, indicating a younger and more diverse demographic compared to the overall US population.
A poll conducted in the fall of 2022 revealed that 55% of voters in four important US states (Nevada, Ohio, Pennsylvania, and New Hampshire) stated that they would be “less likely” to vote for candidates who do not support crypto and Web3.
Furthermore, a previous survey found that 72% of Americans between the ages of 18 and 34 believe that cryptocurrency provides direct control over personal assets, and an equal percentage agreed that “digital assets are the future of finance.”
Coinbase aims to unite the current 52 million crypto owners as a powerful force in its campaign for clear cryptocurrency regulations, particularly as the US prepares for its 2024 elections. One of the steps taken by Coinbase is the promotion of the Financial Innovation and Technology for the 21st Century Act (“FIT21”). This bill, expected to be voted on by the House floor in the coming months, proposes to enhance the Commodity Futures Trading Commission’s (CFTC) regulatory oversight of the industry over that of the Securities and Exchange Commission (SEC).
The SEC has faced criticism for its enforcement-centered approach, with companies and stakeholders in the crypto sector accusing the regulator of overstepping its regulatory authority. In response, Coinbase is urging crypto holders to contact their congresspersons and advocate for a clear and responsible regulatory framework.
In August 2023, Coinbase announced the launch of Stand with Crypto Alliance, an independent advocacy non-profit grassroots movement aimed at promoting sensible crypto innovation and policy. Since its inception, the organization has received support from over 100,000 individuals and plans to engage the 52 million crypto holders in the US.
The Stand with Crypto Alliance intends to carry out a comprehensive 14-month campaign focusing on nine key states: California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The advocacy efforts have already commenced with digital and outdoor advertisements in Washington, DC, starting on September 19th.
Furthermore, a Stand with Crypto Day is scheduled to take place on September 27th, featuring innovators, developers, and entrepreneurs from across the country who will meet with Members of Congress and government officials to discuss the benefits of crypto and highlight how the current regulatory approach in the US is driving job opportunities and innovation out of the country.