On February 28, 2023, Coinbase, an online platform for crypto trading and storage, embarked on fundamental political campaigns to promote crypto policies. It was deduced from the Twitter thread that the company’s Crypto435 campaign was developed in order to grow crypto advocacy amongst the crypto community and share tools and resources so that crypto advocates can have their voices heard across the United States and in all members of the congressional districts.
1/ 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.
Become an advocate today 👇 https://t.co/TPJhtoP9eC
— Coinbase (@coinbase) February 28, 2023
The company’s provisioned sign-up link page was uploaded on the same Twitter thread, thereby allowing users who believe in cryptocurrency and the potential of Web3 to provide their personal information. According to Coinbase, for the development of Web3 and the growth of cryptocurrencies, as well as to achieve the company’s mission of enhancing economic and financial freedom, thoughtful and conscious policymaking and prudent regulations are necessary.
The company also promised to provide the campaign with the necessary details on how to get in touch with particular political figures in their remote districts, empowering and advancing the campaign. Coinbase asserted that the crypto space has arrived at a “crucial period” in which political actions will now be necessary.
The updates and announcements did not come as a surprise to their users, but they sparked a range of reactions. While some XRP supporters applauded the move and argued that cryptocurrency is something they can all work together to support and that their future depends on it, others argued that Coinbase was only biased.
The foundation of the argument was that the company would not have delisted XRP in the first place if it truly supported and opposed the opposing forces above, especially after the Securities and Exchange Commission had classified the coin as posing a security threat. Unlike the US Congress, Singapore’s legislature has passed a law that specifically spells out the requirements for operating a crypto business in the country. The U.S. Congress has not passed any law(s) that govern what cryptocurrency is or how crypto businesses can comply with regulations, aside from a small tax provision that was validated in 2021.
The topic of cryptocurrency regulation continues to be a topic of debate both inside and outside the crypto space. Crypto companies have yielded to soliciting and groups in the past. However, it appears that this is one of the first occasions a cryptocurrency company has attempted to launch a fundamental political campaign and educate the crypto community about it. No doubt, this development is a commendable one.