Coinbase Launches "Stand With Crypto" Campaign To Fight For Crypto Regulations In The US

The Coinbase crypto exchange is demanding clarity on crypto regulation in the US. (Photo; Doc. TrustNodes)

JAKARTA - Coinbase, one of the world's leading crypto exchanges, has launched a campaign called "Stand with Crypto" with the aim of fighting for regulations that support cryptocurrencies in the United States.

The campaign has a strategic focus on nine specific states in the United States: New Hampshire, Nevada, Ohio, Pennsylvania, Arizona, California, Georgia, Illinois, and Wisconsin.

The "Stand with Crypto" initiative comes after extensive research conducted by Coinbase, which reveals that the majority of Americans believe the financial system requires significant reforms.

In the survey, 51% of respondents stated that the current financial system is unfair, especially tends to favor the interests of the authorities rather than ordinary citizens. Only 14% are optimistic about the future of the existing financial system.

This campaign will pay special attention to four "swing statements" where voters tend not to support presidential candidates who oppose cryptocurrencies. The goal is to increase public awareness and support regulations that support the development of cryptocurrencies.

According to Coinbase, data from the 2022 fall opinion poll show that more than half of voters in several states are targeted to express reluctance to elect candidates against cryptocurrencies and Web3 technology. In addition, the survey also revealed that about 13% to 19% of respondents in the state have cryptocurrencies.

Concrete examples are seen in Nevada, Ohio, and Pennsylvania, where more than 40% of cryptocurrency owners use blockchain technology for cross-border money transfers to support food, shelter and health care costs. They chose this method because of the effectiveness of costs and speed compared to traditional bank transfers.

Regulations In The US Are Still Not Clear

Currently, regulatory uncertainty presents challenges for cryptocurrency exchanges and businesses in the United States. In fact, established crypto exchanges face legal and charge issues due to a lack of clear regulations.

Meanwhile, other countries have taken steps to create a clear regulatory framework in an innovative crypto-based financial system.

Coinbase reminded that the failure to act could result in the United States losing opportunities to attract innovative companies, create jobs, and generate additional revenue from the cryptocurrency industry.

Coinbase explained, "Crypto requires a clear and reasonable law. The current 'law enforcement' approach puts work, innovation and global leadership at risk."

Coinbase's campaign strategy "Stand with Crypto" includes a 14-month program, including "Stand with Crypto Day" in Washington DC on September 27, dedicated to promoting cryptocurrency innovation and policy.