The Coinbase \u201cStand with Crypto\u201d campaign has reached coffee cans as the exchange and industry stakeholders convened in Washington, D.C.\u00a0<\/p>\n
On Sept. 27, Coinbase CEO Brian Armstrong and crypto entrepreneurs based in the United States went to Washington D.C. to persuade lawmakers to support a new set of rules for digital currencies.\u00a0<\/p>\n
These rules were approved by the Republican-led House Financial Services Committee and House Committee on Agriculture earlier in summer 2023. If the rules are implemented, it will make it easier for crypto companies to follow regulations without facing too many obstacles.<\/p>\n
According to Armstrong, Coinbase went to the country\u2019s capital with 40 crypto founders from all over the United states. The Coinbase CEO believes it\u2019s time for the country to join the rest of the G20 and put in place a set of clear rules for the industry. <\/p>\n
Despite the attempt, some reports suggest\u00a0Coinbase faces an uphill battle. Observers warn the law could receive less attention because of the budget dispute at the federal level and increased Senate efforts to crack down on crypto money laundering.<\/p>\n
Related: <\/em><\/strong>Coinbase holds 5% of all Bitcoin in existence: Data<\/em><\/strong><\/p>\n Community members responded, with some supporting Coinbase\u2019s efforts and others theorizing why politicians may be against blockchain. <\/p>\n On X (formerly Twitter), a community member thanked Coinbase and said this is a \u201cstep towards making a difference with policy.\u201d Meanwhile, a Redditor commented that politicians may steer taxpayer dollars for their own purposes. According to the Reddit user, this may be the reason why politicians don\u2019t like crypto, as it\u2019s on a \u201cvisible-to-anyone\u201d blockchain. <\/p>\n The Coinbase Stand with Crypto campaign follows the United States Securities and Exchange Commission\u2019s (SEC) legal actions against the crypto exchange. On June 6, the SEC sued Coinbase for allegedly breaking securities laws by offering unregistered securities on its crypto trading platform. <\/p>\n Before reaching coffee cans, the exchange also released nonfungible tokens (NFTs) to gather support from crypto community members in its fight for favorable crypto policies. However, community members were split, with some offering support by minting the NFTs and others feeling unsure if it would have an impact.<\/p>\n