In anticipation of Securities and Exchange Commission (SEC) Chair Gary Gensler’s forthcoming congressional testimony, pro-crypto nonprofit Stand With Crypto has initiated an ad campaign.
The organization, established by Coinbase, the largest US-based crypto exchange, aims to amplify the voices of pro-crypto constituents across the US and rally support for the Financial Innovation and Technology for the 21st Century Act (FIT21 Act).
Coinbase Leads Pro-Crypto Lobby
Coinbase launched the Stand With Crypto initiative in April to advocate for pro-crypto policies. Since its inception, the group has amassed tens of thousands of supporters, according to Coinbase.
The exchange more than doubled its federal lobbying expenditure from $1.5 million in 2021 to $3.4 million in 2022.
Kara Calvert, head of US policy at Coinbase, conveyed the organization’s commitment to the crypto community. She stated,
“America’s 52 million-strong crypto constituency is engaged and want both clarity and protections as consumers and job creators.”
Focusing on nine swing states, the campaign urges constituents to contact their lawmakers and advocate for the FIT21 Act. This regulatory bill, supported by several crypto industry advocates, including Coinbase, seeks to bring legislative clarity to the crypto space.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Stand With Crypto Seeks Beneficial Regulations
The Stand With Crypto Alliance, another initiative by Coinbase, encourages visitors to its website to reach out to their congressional representatives in support of the industry. The website also provides crypto sentiment ratings for lawmakers based on publicly available data such as legislative records, media statements, and social media posts.
The campaign comes at a critical juncture. SEC Chair Gary Gensler, known for his skeptical stance towards the crypto industry, is expected to testify before the House Financial Services Committee. Gensler’s previous comments, such as “I’ve never seen a field that’s so rife with misconduct,” have raised concerns within the crypto community.
The crypto industry is seeking regulatory clarity, especially amid the SEC’s lawsuit against Coinbase for allegedly selling unregistered securities. Coinbase maintains that the digital assets in question do not qualify as securities. It also argues that the SEC overstepped its authority.
As the crypto space awaits Gensler’s testimony, Stand With Crypto’s campaign underscores the need for clear crypto regulation. It also shows the importance of the crypto community’s voice in shaping these policies.
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