Coinbase Launches Campaign to Mobilize 52 Million American Crypto Owners for Clear Cryptocurrency Regulations
US-based cryptocurrency exchange giant Coinbase has been actively advocating for regulatory clarity in the crypto industry, arguing that the current enforcement approach by regulators hampers innovation and jeopardizes global leadership. In a bid to address this concern, Coinbase has initiated a new campaign aimed at mobilizing over 50 million crypto holders in the United States to lend their voices in support of clear cryptocurrency laws.
According to recent data from Coinbase, there are approximately 52 million crypto owners in the United States. Out of this group, 60% are either from the Gen Z or Millennial generation, 75% have an income below $100,000, and 41% are from racial minorities. These statistics demonstrate that the crypto owner demographic is younger and more diverse compared to the entire US population.
A poll conducted in the fall of 2022 further highlighted the significance of crypto support among voters. The survey revealed that 55% of voters in four key American states – Nevada, Ohio, Pennsylvania, and New Hampshire – would be “less likely” to vote for candidates who do not support crypto and Web3 technologies.
In addition, a previous survey found that 72% of Americans aged between 18 and 34 years believe that cryptocurrencies allow for direct control of personal assets. Similarly, 72% agreed that “digital assets are the future of finance.” These findings indicate a growing acceptance and belief in the potential of cryptocurrencies among younger Americans.
Coinbase intends to gather the current 52 million crypto owners into “a powerful force” as part of its campaign for clear cryptocurrency regulations leading up to the 2024 US elections. The company aims to leverage this significant user base to advocate for unambiguous and responsible regulatory frameworks.
To further their goal, Coinbase is supporting the advancement of the Financial Innovation and Technology for the 21st Century Act (“FIT21”). This bill proposes to grant increased regulatory oversight of the industry to the Commodity Futures Trading Commission (CFTC) instead of the Securities and Exchange Commission (SEC). The SEC has faced criticisms for its regulatory-by-enforcement approach, with industry participants accusing it of exceeding its regulatory powers.
Coinbase is actively encouraging crypto holders to contact their congresspersons and voice their support for a clear and sensible regulatory framework. The company believes that such an approach will foster innovation and ensure that the United States remains at the forefront of the global crypto landscape.
In August 2023, Coinbase launched the Stand with Crypto Alliance, an independent advocacy non-profit grassroots movement dedicated to advancing sensible crypto innovation and policy. Since its inception, the organization has garnered support from over 100,000 people and plans to involve all 52 million crypto holders in the US.
The Stand with Crypto Alliance will carry out a comprehensive 14-month campaign with a focus on nine crucial states: California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire. The initiative kicked off with digital and outdoor advertisements in Washington, DC, on September 19, 2023.
Furthermore, the Stand with Crypto Alliance has organized a Stand with Crypto Day on September 27, 2023. The event will see innovators, developers, and entrepreneurs from across the country convene in Washington, DC to meet with Members of Congress and government officials. The aim is to explain the benefits of crypto and emphasize how the current regulatory approach in the US is driving jobs and innovation out of the country.
Coinbase’s campaign to mobilize 52 million American crypto owners for clear cryptocurrency regulations marks a significant step towards advocating for a transparent and supportive regulatory environment. By bringing together a substantial user base and fostering dialogue between industry stakeholders and policymakers, Coinbase hopes to ensure that the US remains a leader in the rapidly evolving world of cryptocurrencies and blockchain technology.