In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong stressed the urgent need for regulatory clarity in the crypto industry. He highlighted the significant investments made by Coinbase in policy initiatives and reiterated the company’s dedication to supporting these efforts as crypto regulations evolve globally. Armstrong emphasized the importance of engaging in policy efforts to protect customers’ rights and promote economic freedom in the industry.
Challenges in Achieving Regulatory Clarity
Armstrong outlined two primary paths 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 landscape. He noted that in a divided government, there is often a status quo of inaction unless the cost of not taking action outweighs the benefits.
To address these challenges, Armstrong called for a bipartisan effort to elect pro-crypto candidates and remove anti-crypto politicians from office. With 52 million Americans owning digital assets, he emphasized the importance of the crypto community as a diverse and significant portion of the electorate. Armstrong highlighted the bipartisan nature of crypto as an issue and encouraged support for candidates who prioritize regulatory clarity in the industry.
StandWithCrypto.org, a grassroots movement supported by Coinbase, has gained over 900,000 advocates nationwide, especially in key battleground states like Georgia and Arizona. These advocates have actively engaged with their congressional representatives, influencing crucial legislative decisions such as SAB121 and FIT21. Coinbase plans to continue supporting StandWithCrypto.org in mobilizing over 1 million advocates by Labor Day, providing resources for voter engagement and candidate support.
Armstrong identified upcoming political races for the House, Senate, and Presidency as vital for the future of crypto legislation. He urged crypto holders to participate in these elections and support candidates who prioritize clear regulations that protect consumers and foster innovation in the industry. With 52 million Americans holding crypto assets, there is a growing demand for updated financial infrastructure and economic freedom to support the industry’s growth.
Regulatory clarity is essential for the long-term success and sustainability of the crypto industry. By supporting pro-crypto political candidates, advocating for crypto legislation, and participating in key political races, the industry can move towards a more secure and prosperous future. Coinbase’s commitment to policy initiatives and grassroots advocacy reflects the growing momentum in the industry towards achieving regulatory clarity and economic freedom.
Leave a Reply