Coinbase is launching a grassroots campaign for pro-crypto politics in the US

by · February 28, 2023

Coinbase has launched a grassroots political campaign to promote pro-crypto politics, according to a Twitter thread from the company on February 28.

The company said the #Crypto435 campaign is meant to “grow the crypto community and share tools and resources,” so crypto users can make their voices heard in all 435 congressional districts.

Coinbase provided a link to a registration page where users were asked to provide their name, address, phone number and email address to receive additional information. It claimed it will provide people who sign up with “information on how to contact specific politicians in their local districts, what those politicians’ documents on crypto are, tips for making your voices heard in DC, and more.”

In the thread, Coinbase argued that the crypto community has reached an “important moment” where political action will now be necessary, states:

“The crypto community has reached an important moment. Decisions made by lawmakers and regulators in DC and around the country will affect the future of how we can build, buy, sell and use crypto.”

The announcement had mixed reactions from Twitter users. Many applauded the move with statements such as “Crypto is what we can all come together and support.” and “Good stuff Coinbase. Very important!” At the same time, some XRP fans alleged that the announcement was hypocritical. They felt that if Coinbase really wanted to fight the powers that be, it would not have removed XRP after the Securities and Exchange Commission (SEC) labeled it a security.

Aside from a small tax provision passed in 2021, the US Congress has not passed any laws defining what a cryptocurrency is or legislating how specific crypto businesses can comply with regulations.

This is in contrast to Singapore, where the legislature passed a law that specifically specified the requirements for running a crypto-related business in the country.

SEC Chairman Gary Gensler has argued that existing US securities law applies to crypto in some cases. But Nexo and other crypto companies have argued that current US laws are so vague that the industry doesn’t know how to comply.

The issue of crypto regulation continues to be hotly debated both inside and outside the crypto community. Crypto companies have previously donated to lobby groups. But this appears to be one of the first times a crypto company has attempted to organize a grassroots political campaign.