Coinbase launches Crypto435, a pro-crypto advocacy initiative
(Kitco News) - Coinbase, the largest crypto exchange in the U.S., has decided to take a more active role in helping to advance crypto-friendly policy across the country by launching “Crypto435” to help connect advocates and give crypto a greater voice in the government.
“It’s time to advance pro-crypto policy in all 435 Congressional Districts across the U.S.,” the exchange tweeted on Tuesday. “Introducing #Crypto435, our campaign to grow the crypto advocacy community and share tools and resources to make your voice heard.”
The exchange is calling on anyone who believes in crypto and the potential of web3 to connect with legislators and regulators, who have increased their enforcement actions against crypto industry participants in recent months.
“The crypto community has reached an important moment,” Coinbase said. “Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto. We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom.”
Through Crypto435, Coinbase intends to provide the community with information related to the stance that local politicians and representatives have adopted toward crypto, how to contact their local government, and “tips for making their voices heard in D.C.”
“Now is the time to change hearts and minds in all 435 Congressional Districts across the U.S.,” Coinbase said. “So if you love crypto and want to see all that it can achieve, join us to shape the policies and regulations that will impact crypto and web3 for years to come.”
According to the “Take Action” sign-up form, Crypto435 will help give crypto advocates a voice to influence laws and policies, bring the crypto community together to show there is strength in numbers, promote innovation, protect jobs, and educate everyday Americans about the power of crypto.
This new effort from Coinbase to harness the power of the crypto community comes as the industry has struggled to regain its footing after a year that saw a collapse in valuation and multiple high-profile bankruptcies.
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The fall of FTX has sparked a wave of enforcement actions from regulators in the U.S. who are looking to improve their image after the fraud that is alleged to have transpired at FTX happened under their watch while they were simultaneously getting cozy with former FTX CEO Sam Bankman-Fried.
Recently, the U.S. Securities and Exchange Commission (SEC) has brought enforcement actions against multiple crypto exchanges, including Kraken, Gemini, and Binance for alleged SEC rule violations, and also issued a Wells notice to stablecoin issuer Paxos for its issuance of Binance USD (BUSD).
As part of its efforts to bring more legitimacy to the crypto industry, Coinbase is reportedly exploring a partnership with the stock exchange platform IEX to create a federally approved digital asset marketplace, according to people familiar with the matter.