In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong highlighted the pressing need for regulatory certainty in the crypto industry. He emphasized the significant investment that Coinbase has made in policy efforts and reiterated the company’s commitment to navigating the evolving landscape of crypto regulations over the next decade.
The Path to Regulatory Clarity
Armstrong outlined two key pathways to achieving regulatory clarity: creating new case law through the courts and passing new legislation through Congress. However, he acknowledged the challenges presented by the current political climate, where the inertia of inaction often prevails over meaningful progress.
A Bipartisan Effort
To address these challenges, Armstrong called for a bipartisan effort to support pro-crypto candidates and remove anti-crypto incumbents from office. With 52 million Americans holding digital assets, he stressed the importance of the crypto community as a diverse and influential voting bloc that transcends traditional political boundaries.
Coinbase-backed grassroots movement StandWithCrypto.org has garnered over 900,000 advocates nationwide, particularly in key battleground states like Georgia and Arizona. These advocates have actively engaged with their congressional representatives, influencing critical legislative decisions such as SAB121 and FIT21. Coinbase plans to mobilize over 1 million advocates through StandWithCrypto.org by Labor Day, providing resources such as candidate scorecards, tools for contacting representatives, donation options, and voter registration assistance.
Armstrong identified upcoming political races for the House, Senate, and the Presidency as pivotal for shaping the future of crypto legislation. He urged crypto owners to participate in the democratic process by supporting candidates who prioritize clear rules that protect consumers and foster innovation in America. He emphasized the critical need for updated financial infrastructure and economic freedom to ensure the continued growth and success of the crypto industry.
Regulatory clarity is essential for the long-term viability of the crypto industry. By advocating for pro-crypto candidates and engaging in the political process, individuals can help shape a regulatory environment that fosters innovation, protects consumers, and ensures the freedom to participate in the digital economy. It is imperative for all stakeholders to work together towards a common goal of building a more stable and sustainable future for crypto.
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