Coinbase Pushes Back Against SEC, Launches Campaign To Rally Crypto Forces
U.S.-based Crypto exchange Coinbase has launched a campaign in favor of crypto policies in all 435 congressional districts across the jurisdiction of the U.S. government. This decision comes from increased regulatory enforcement actions by the Securities and Exchange Commission (SEC).
SEC Chairman Gary Gensler calls for the crypto exchanges to register as securities trading platforms under its jurisdiction. The Commission has raised concerns about the services that crypto exchanges will be allowed to offer in the North American country.
To this end, Coinbase has launched a campaign called “Crypto435.” According to the exchange, the goal is to get the crypto community to join forces against the regulatory policies that the SEC is promoting toward the crypto industry. Will it have an impact on the regulatory landscape? Coinbase stated:
It’s time to advance pro-crypto policy in all 435 Congressional Districts across the U.S. Introducing #Crypto435, our campaign to grow the crypto advocacy community and share tools and resources to make your voice heard.
It’s Time For A Different Approach To Crypto
Coinbase states that the crypto industry has reached a pivotal moment and that the decisions made by legislators and regulators in Washington, DC., and around the country will impact future developments in the crypto space. Furthermore, according to the crypto exchange, these actions will affect how customers buy, sell, and use crypto assets for their various applications.
Additionally, for Coinbase, the recent regulatory policies applied to the industry require “smart regulation” for the continued growth and development of crypto and web3 to progress in increasing “economic freedom.” Coinbase concluded:
Coinbase will empower the Crypto435 community with information about how to contact specific politicians in their local districts, what those politicians’ records on crypto are, tips for making your voices heard in D.C., and more.
This follows the ongoing investigations and allegations by the SEC and the Department of Justice (DOJ) against several actors in the crypto industry. In addition, Coinbase has taken notice of the narrative shift around the nascent sector and is seeking to create a counterbalance.
It is important for Coinbase to clarify the rules that the legislators and the agencies apply to exchanges and the digital assets to grow and continue to offer services to U.S. customers. The Crypto435 campaign will seek to joined force in the crypto industry to change the path of the SEC enforcement actions.
Image from Unsplash, chart from Tradingview.