Coinbase, the major US-based cryptocurrency exchange, is intensifying its campaign for regulatory clarity in the crypto industry. The company argues that the current enforcement approach by regulators stifles innovation and threatens global leadership.
As part of its efforts, Coinbase has launched a new campaign to mobilize over 50 million crypto holders in the US to voice their support for clear cryptocurrency laws.
52 Million American Crypto Owners
According to recent data from Coinbase, there are 52 million crypto owners in the US. Among them, 60% are either Gen Z or Millennials, 75% have an income below $100,000, and 41% are from racial minorities. This shows that crypto ownership is more prevalent among younger and more diverse individuals compared to the general US population.
A poll conducted in the fall of 2022 also 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.
Furthermore, a previous survey found that 72% of Americans between 18 and 34 years old believe cryptocurrency allows for direct control of personal assets, and 72% agree that “digital assets are the future of finance.”
Coinbase aims to unite the existing 52 million crypto owners into “a powerful force” as part of its campaign for clear cryptocurrency regulations ahead of the US elections in 2024.
One of Coinbase’s strategies is to promote the Financial Innovation and Technology for the 21st Century Act (“FIT21”). This bill, expected to be voted on by the House floor this fall, proposes to enhance the regulatory oversight of the crypto industry by the Commodity Futures Trading Commission (CFTC) above the Securities and Exchange Commission (SEC).
The SEC has faced criticism for its regulatory-by-enforcement approach, with companies and stakeholders in the crypto sector accusing the regulator of overreaching its authority.
Coinbase is urging crypto holders to call their congresspersons to advocate for an unambiguous and responsible regulatory framework.
Stand with Crypto Day
In August 2023, Coinbase launched an independent advocacy non-profit grassroots movement called the Stand with Crypto Alliance. The goal of this organization is to advance sensible crypto innovation and policy. Since its launch, over 100,000 people have shown their support, and the aim is to involve the 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 52 million 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 they are fairer, more distributed, and more inclusive.”
The Stand with Crypto Alliance will conduct a 14-month campaign focusing on nine important states: California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The advocacy efforts have already begun with digital and outdoor advertisements in Washington, DC, starting on September 19.
Additionally, there will be a Stand with Crypto Day where innovators, developers, and entrepreneurs from across the country will meet with Members of Congress and government officials in DC on September 27. The purpose is to explain the benefits of crypto and highlight how the current regulatory approach in the US is driving jobs and innovation out of the country.
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