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Coinbase recently visited Washington DC to advocate for clearer crypto regulations, highlighting the industry’s call for more transparent governance.
Previously, Coinbase and several cryptocurrency stakeholders took their “Support cryptocurrencies”Campaign to Washington DC to gain support for clearer crypto regulatory frameworks.
On September 27, a delegation led by Coinbase CEO Brian Armstrong and approximately 40 cryptocurrency founders in the United States. crypto-rules-5fd4fead” data-type=”link” data-id=”https://www.barrons.com/articles/coinbase-new-crypto-rules-5fd4fead” target=”_blank” rel=”noopener”>converged in the capital.
Their goal was to implore lawmakers to support a new set of regulations designed specifically for the digital currency market.
Previously, the Republican-dominated House Financial Services Committee and Agriculture Committee had given the green light to these rules. Its passage, if it becomes law, aims to simplify the compliance process for crypto companies by reducing regulatory hurdles.
Armstrong maintains that the United States, like other G20 nations, should establish transparent regulations for the crypto sector. However, the journey has been challenging.
Skeptics believe that due to the current budget conflict at the federal level and the Senate’s simultaneous focus on combating crypto money laundering, the sought-after legislation may not attract the necessary attention.
Reactions to the campaign are varied. Online platforms are witnesses of this polarization.
On X (Twitter), users praised Coinbase’s proactive efforts as critical to policy transformation.
Meanwhile, on Reddit, some members speculated that the decentralized and transparent nature of blockchain might not sit well with politicians accustomed to opaque financial operations.
The “Stand with crypto” campaign is not Coinbase’s only initiative. The stock market‘s recent clash with the US Securities and Exchange Commission (SEC) set the backdrop for this visit to Washington.
In early June, the SEC launched legal proceedings against Coinbase, accusing them of violating securities regulations by listing unregistered assets.
To drum up support, Coinbase also ventured into non-fungible tokens (NFTs), issuing them as symbols of its advocacy for cryptocurrency-friendly policies.
Still, the crypto community remains divided, with some supporting the move to acquire NFTs and others questioning its potential influence.
