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Coinbase‘s Stand With Crypto campaign, launched in response to the legal issues the company has faced, continues to gain attention. In Washington, where important investors and executives in the cryptocurrency market gathered, the campaign even reached coffee shops. On September 27th, Coinbase CEO Brian Armstrong and US-based crypto entrepreneurs visited Washington. The main purpose of this visit was to persuade government officials to make legal regulations for the cryptocurrency market.
Officials Determined: Legal Regulations Are Coming
The rules mentioned by market players were recognized by the House Financial Services Committee and the House Agriculture Committee in early summer 2023. If these rules fulfill their legal obligations, US-based crypto companies will be able to serve their users without major obstacles.
According to Armstrong, Coinbase went to the country’s capital with 40 founders of crypto companies from all over the United States. The Coinbase CEO believes that it is time for the country to participate in the rest of the G20 summit and establish clear legal regulations for the industry.
Despite all these efforts, Coinbase will face challenging times in the future. According to some reports, the company states that these rules are no longer receiving attention due to the federal budget dispute and the Senate’s increasing efforts to block cryptocurrency money laundering crimes.
Crypto Community Divided
Nevertheless, these efforts received support especially on X. A user thanked Coinbase and stated that this step is a move towards making a difference in politics. However, a Reddit user warned that politicians could redirect taxpayers’ earnings for their own purposes. According to this person, a blockchain network visible to everyone is certainly not favored by politicians.
Coinbase’s Stand with Crypto campaign also follows the legal actions of the US Securities and Exchange Commission (SEC) against the crypto exchange. On June 6th, the SEC filed a lawsuit against Coinbase, alleging that the company violated securities laws by providing unregistered securities support on its crypto trading platform.
Before reaching coffee shops, the exchange released NFTs to gather support from members of the crypto community in its fight for proper crypto policies. However, as always, the community members were divided: some minted NFTs to show support, while others were unsure if these steps would be effective.
