US-based cryptocurrency exchange Coinbase is ramping up its efforts to advocate for clear cryptocurrency regulations, as it believes that the current enforcement approach by regulators restricts innovation and threatens global leadership. In order to mobilize support, Coinbase has launched a campaign to engage over 50 million crypto holders in the United States.
According to Coinbase data, there are currently 52 million crypto owners in the US, with a majority being Gen Z or Millennials. The survey also revealed that 75% of these owners have an income below $100,000 and 41% are from racial minorities, indicating a younger and more diverse demographic compared to the overall US population. Additionally, a poll conducted in four key states showed that 55% of voters are less likely to support candidates who do not back cryptocurrencies and Web3 technology. Another survey found that 72% of Americans aged 18 to 34 believe that cryptocurrency allows for direct control of personal assets and that digital assets are the future of finance.
Coinbase aims to mobilize the 52 million crypto owners as a powerful force to advocate for clear cryptocurrency regulations ahead of the 2024 US elections. As part of its strategy, Coinbase supports the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to increase regulatory oversight of the industry by the Commodity Futures Trading Commission (CFTC) over the Securities and Exchange Commission (SEC). The company is urging crypto holders to contact their congresspersons and push for an unambiguous and responsible regulatory framework. Coinbase’s campaign also includes the launch of the Stand with Crypto Alliance, an independent advocacy non-profit grassroots movement that aims to advance sensible crypto innovation and policy. They plan to focus their efforts on nine states and will organize Stand with Crypto Day, where industry leaders will meet with Members of Congress and government officials to highlight the benefits of crypto and address the negative effects of the current regulatory approach in the US.
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