Coinbase Mobilizes 52 Million Crypto Holders in Push for Clear Regulations

The largest cryptocurrency exchange in the US, Coinbase, has taken a proactive step by starting a campaign to amplify the voices of the country’s approximately 52 million bitcoin owners. This campaign aims to promote exact and definite laws for the bitcoin sector. According to Coinbase, people who support cryptocurrencies and those who feel that the current financial system requires a fundamental makeover will both benefit from well defined regulatory norms.

Rallying the Crypto Community

The initial part of Coinbase’s campaign aims to energize the bitcoin community by persuading people to switch from online platforms like X (formerly known as Twitter) to phone calls, which are a more direct method of communication. The main goal is to get crypto users to phone their individual representatives of Congress in only one minute of their day to beg them to enact thoughtful legislation that is clear-cut.

Coinbase is undertaking a thorough PR effort across several channels to support this initiative. In Washington, D.C., advertising have already begun to appear online and outside. The nine states with the biggest number of bitcoin owners—Arizona, California, Georgia, Illinois, New Hampshire, Nevada, Ohio, Pennsylvania, and Wisconsin—will be the focus of the campaign.

The Urgent Need for Regulatory Clarity

The lack of comprehensive and clear cryptocurrency rules in the United States, according to Coinbase, might cause the country to lose its position as a leader in the quickly developing crypto industry. The exchange notes that, for instance, China is aggressively adopting and pushing technical advancements, including digital assets and central bank digital currencies (CBDCs), in an effort to establish its economic might on the world stage. Brian Armstrong, CEO of Coinbase, has previously expressed worries about China’s digital yuan undermining the dollar’s dominance in world trade.

Additionally, according to Coinbase, the continued ambiguity around bitcoin legislation may have far-reaching effects. It forewarns that over the next seven years, the bitcoin industry might result in a significant loss of three million non-technical employment and one million developer positions in the United States. This forecast is consistent with a recent developer report from Electric Capital.

Due to the murky regulatory landscape, the Securities and Exchange Commission (SEC) has begun taking enforcement measures against Coinbase. The exchange was charged with operating as an unregistered brokerage and breaking securities laws by the SEC in June. As Coinbase continues to defend its stance, this legal dispute is still pending in the courts.

The movement for clear and well-defined cryptocurrency rules in the United States picks up steam as Coinbase mobilizes millions of cryptocurrency owners, highlighting the crucial significance of regulatory clarity in this quickly growing industry.