Coinbase pushes back against SEC, launches campaign to rally crypto forces
US-based crypto exchange Coinbase has launched a campaign in favor of crypto politics in all 435 congressional districts across the jurisdiction of the US government. This decision comes from increased regulatory enforcement by the Securities and Exchange Commission (SEC).
SEC Chairman Gary Gensler is calling for crypto exchanges to be registered as securities trading platforms under their jurisdiction. The commission has raised concerns about the services that crypto exchanges will be allowed to offer in the North American country.
To this end, Coinbase has launched a campaign called “Crypto435.” According to the exchange, the goal is to get the crypto community to unite against the regulatory guidelines that the SEC is promoting against the crypto industry. Will it have an impact on the regulatory landscape? Coinbase stated:
It is time to advance pro-crypto politics in all 435 congressional districts across the United States. Introducing #Crypto435, our campaign to grow the crypto community and share tools and resources to make your voice heard.
It’s time for a different approach to crypto
Coinbase states that the crypto industry has reached a pivotal moment and that the decisions made by lawmakers and regulators in Washington, DC and around the country will affect future developments in the crypto space. Furthermore, according to the crypto exchange, these actions will affect how customers buy, sell and use crypto assets for their various applications.
In addition, for Coinbase, the recent regulatory guidelines applied to the industry require “smart regulation” for the continued growth and development of crypto and web3 to move forward with increasing “economic freedom.” Coinbase concluded:
Coinbase will provide the Crypto435 community with information on how to contact specific politicians in their local districts, what those politicians’ stats on crypto are, tips for making your voices heard in DC, and more.
This follows the ongoing investigations and allegations by the SEC and the Department of Justice (DOJ) against several players in the crypto industry. In addition, Coinbase has noticed the narrative shift around the nascent sector and is seeking to create a counterweight.
It is important for Coinbase to clarify the rules that the legislators and agencies apply to exchanges and the digital assets in order to grow and continue to provide services to US customers. The Crypto435 campaign will seek to unite the crypto industry to change the course of the SEC enforcement actions.
Image from Unsplash, chart from Tradingview.
