A representation of the cryptocurrency is seen in front of the Coinbase logo in this illustration taken March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire licensing rights
Sept 19 (Reuters) – Coinbase (COIN.O), the largest U.S. cryptocurrency exchange, is ramping up its grassroots awareness campaign in a bid to advance legislation that will bring regulatory clarity to the industry , the company announced.
In July, a congressional committee introduced a crypto bill that would define when a cryptocurrency is a security or commodity. The industry wants this bill to come to a full vote in the U.S. House of Representatives.
Coinbase is launching a comprehensive paid media campaign on Tuesday that will include ads in Washington, D.C. and calls to action on its own platform, urging crypto users to contact their members of Congress to ask them to pass legislation on cryptography.
Coinbase is also hosting a “fly-in” on September 27, where executives and developers from around 35 crypto companies will meet with staff and lawmakers on Capitol Hill.
“Crypto is much bigger than Coinbase, and I think that’s what’s going to be really powerful about the fly-in,” said Kara Calvert, head of U.S. policy at Coinbase.
Coinbase estimates there are 52 million crypto owners in the United States
The effort highlights how much the crypto industry is lobbying in Washington, as it sees an opportunity to advance legislation that would help rein in the U.S. Securities and Exchange Commission, which is cracking down on the industry. The regulator is suing Coinbase for allegedly selling unregistered securities, which the company denies.
Coinbase has led the industry’s advocacy efforts in recent years, spending $3.39 million on lobbying during the 2022 election cycle, the highest amount of any crypto company by far, according to OpenSecrets.
Coinbase launched a nonprofit organization, Stand With Crypto, last month to advance pro-crypto policy. This group recently held events in Ohio, Nevada, Georgia and Montana that “tested the ability to organize crypto advocates,” Coinbase said in a blog post.
Reporting by Hannah Lang in Washington; edited by Michelle Price and Timothy Gardner
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