The firm said that the largest U.S. cryptocurrency exchange, Coinbase (COIN.O), is scaling up its grassroots advocacy campaign to advance legislation that will give the sector regulatory certainty.
A cryptocurrency measure that would specify whether a cryptocurrency is a security or a commodity was advanced by a legislative committee in July. The business community wants the U.S. House of Representatives to vote on the bill.
On Tuesday, Coinbase will begin a broad paid media campaign, including calls to action on its platform and ads in Washington, DC, pushing cryptocurrency users to contact their representatives of Congress and request that they approve laws regulating the industry.
On September 27, Coinbase will host a “fly-in” inviting executives and developers from roughly 35 crypto startups to Capitol Hill to meet with staff and politicians.
According to Kara Calvert, head of U.S. policy at Coinbase, “Crypto is just so much bigger than Coinbase, and that I think is what’s going to be really powerful about the fly-in.”
According to Coinbase, 52 million Americans currently possess cryptocurrency.
The initiative demonstrates the industry’s ferocious lobbying efforts in Washington, where it sees a chance to promote legislation that would aid in restraint of the U.S. Securities and Exchange Commission, which has been harshly policing the sector.
Despite Coinbase’s denials, the regulator is suing the company for allegedly trading unregistered securities.
By far the most of any cryptocurrency company, according to OpenSecrets, Coinbase spent $3.39 million on lobbying in the 2022 election season, leading industry advocacy efforts.
Last month, Coinbase established the non-profit organization Stand With Crypto to push pro-crypto policy. Recent events organized by that group in Ohio, Nevada, Georgia, and Montana “tested the capacity to organize crypto advocates,” according to a blog post by Coinbase.