US-based cryptocurrency exchange giant Coinbase continues to push forward with its efforts to seek regulatory clarity for the crypto industry, claiming that the current enforcement approach by regulators stifles innovation and puts global leadership at risk.
The company has launched a new campaign to mobilize over 50 million crypto holders in the United States to lend their voices in support of clear cryptocurrency laws.
52 Million American Crypto Owners
According to recent Coinbase data, there are 52 million crypto owners in the United States, with 60% being either Gen Z or Millennials, 75% having an income below $100,000, and 41% from racial minorities, thereby showing a younger and more diverse group of people compared to the entire US population.
Also, a poll conducted in the fall of 2022 revealed that 55% of voters in four key American states, Nevada, Ohio, Pennsylvania, and New Hampshire, are “less likely” to vote for candidates who do not support crypto and Web3.
In addition, a previous survey revealed that 72% of Americans between 18 and 34 years old said cryptocurrency allowed for direct control of personal assets, while another 72% agreed that “digital assets are the future of finance.”
Coinbase is looking to gather the current 52 million crypto owners into “a powerful force” as part of its campaign efforts for clear cryptocurrency regulations as the US gets ready for its 2024 elections.
Part of Coinbase’s move toward its goal is the advancement of the Financial Innovation and Technology for the 21st Century Act (“FIT21”). The bill, expected to be voted on by the House floor this fall, proposes to increase the Commodity Futures Trading Commission’s (CFTC) regulatory oversight of the industry above the Securities and Exchange Commission (SEC).
The SEC has faced criticisms for its regulatory-by-enforcement approach, with companies and stakeholders in the crypto sector accusing the regulator of acting beyond its regulatory powers.
The crypto exchange giant is, meanwhile, asking crypto holders to call their congresspersons to seek an unambiguous and responsible regulatory framework.
Stand with Crypto Day
Coinbase announced the launch of an independent advocacy non-profit grassroots movement called Stand with Crypto Alliance in August 2023, aimed at advancing sensible crypto innovation and policy. The organization has seen support from over 100,000 people since its launch, with plans to involve 52 million crypto holders in the US.
“Stand with Crypto’s goal is to mobilize one million people, but imagine what it would look like if we could mobilize even 10% of America’s 52M crypto owners into single-issue advocates – that would be a game changer in standing up to the status quo and advocating for policies that update our financial systems so it is more fair, more distributed, and more inclusive.”
Stand with Crypto Alliance will carry out a robust 14-month campaign focusing on nine important states — California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The advocacy efforts already started with digital and outdoor advertisements in Washington, DC, which kicked off on Sept. 19.
There will also be a Stand with Crypto Day featuring innovators, developers, and entrepreneurs flown into DC on Sept. 27 from around the country to meet with the Members of Congress and government officials to explain the benefits of crypto and how the current regulatory approach in the US is driving jobs and innovation out of the country.
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