Coinbase’s campaign hits coffee cans to ‘awaken’ sensible crypto policies

Coinbase's “Stand with Crypto” campaign hit a coffee can as exchange and industry stakeholders convened in Washington, DC.

Coinbase offers cold brew on Cap Hill pic.twitter.com/4vXWXB7zRJ

— Eli Tan (@elitanjourno) September 27,

On September 27, Coinbase CEO Brian Armstrong and crypto entrepreneurs based in the United States went to Washington DC to convince lawmakers to support new regulations for digital currencies.

These rules are approved by the Republican-led House Financial Services Committee and the House Committee on Agriculture as early as summer 2023. If the rules are implemented, it will make it easier for crypto companies to follow the rules without facing too many hurdles.

According to Armstrong, Coinbase traveled to the nation's capital with 40 crypto founders from across the United States. Coinbase's CEO believes it's time for the country to join the rest of the G20 and set clear rules for the industry.

Here in our nation's capital for #StandWithCrypto Day with 40 crypto founders from across the country.

It's time for America to join the rest of the G20 and get some clear rules on the books. pic.twitter.com/oQCBGH2yGY

— Brian Armstrong ️ (@brian_armstrong) September 27, 2023

Despite the attempt, some reports suggest that Coinbase faces an uphill battle. Observers warn that the law may receive less attention amid budget wrangling at the federal level and increased efforts to crack down on crypto-currency fraud.

Related: Coinbase Contains 5% of Bitcoin in Existence: Data

Community members responded, with some supporting Coinbase's efforts while others theorized why politicians might oppose blockchain.

On X (formerly Twitter), a community member praised Coinbase and said it was a “step to change policy.” Meanwhile, one Redditor suggested that politicians can spin off taxpayer dollars for their own purposes. According to a Reddit user, this may be why politicians don't like cryptocurrency, because it's a “visible” blockchain anyway.

Coinbase's Stand with Crypto campaign follows the United States Securities and Exchange Commission's (SEC) legal action against crypto exchanges. On June 6, the SEC sued Coinbase for violating securities laws by offering unregistered securities on its crypto trading platform.

Prior to the arrival of the coffee cans, the exchange released non-vulnerable tokens (NFTs) to rally support from members of the crypto community in the fight for crypto policies. However, members of the community were divided, with some supporting the creation of NFTs and others remaining unsure that it would have an impact.

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