Coinbase, one of the leading cryptocurrency exchanges in the United States, announced the launch of a new initiative called Crypto435 on March 1. The purpose of the campaign is to promote cryptocurrency policies across America by connecting members of the cryptocurrency community with their local representatives and regulators.
The name Crypto435 is inspired by the 435 congressional districts in the US, and the initiative aims to help the cryptocurrency community raise its voice and have its concerns heard by elected officials and regulatory authorities. Coinbase plans to offer information and resources to members of the Crypto435 community, including ways to contact local politicians, information on their cryptocurrency policies, and tips on how to effectively engage with lawmakers.
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 timing of the Crypto435 initiative is significant, as the US will hold presidential and congressional elections in 2024. Following the recent collapse of FTX, a major cryptocurrency exchange, the US government and regulatory authorities have been paying closer attention to the cryptocurrency industry and its regulatory framework.
Coinbase has been particularly active in its efforts to lobby for cryptocurrency policies. According to the nonprofit organization OpenSecrets, Coinbase spent around $4.6 million on lobbying in 2022, making it the most expensive lobbying effort in the cryptocurrency industry. The industry as a whole spent around $290 million on lobbying in 2022, a significant increase from $110 million in 2021.
The SEC’s recent lawsuit against cryptocurrency exchange Kraken over its staking services has also fueled discussions around the regulation of the industry. SEC Chairman Gary Gensler has commented that cryptocurrency intermediaries, regardless of the type of service they provide, must provide users with appropriate disclosure and protection under securities laws if they offer investment contracts.
The impact of the Kraken case on other staking services and the broader cryptocurrency industry remains to be seen. However, Coinbase’s Crypto435 initiative highlights the growing need for the cryptocurrency community to engage with lawmakers and regulators to ensure that the industry can continue to grow and thrive under appropriate regulatory frameworks.
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