Coinbase Introduces Grassroots Movement: The Stand With Crypto Alliance
Coinbase, on August 14, unveiled its “Stand With Crypto Alliance”, a fresh endeavor targeting the opposition to cryptocurrency legislation. Although a comprehensive strategy is still under wraps, Coinbase’s intention is evident: to spark a grassroots revolution pushing for crypto-friendly legal transformations.
With 52,269 supporters already on board, Coinbase urges enthusiasts to enlist in the Stand With Crypto camp. Participants are encouraged to reach out to their local politicians or to create a unique non-fungible token (NFT) via Coinbase’s Base network.
Donations are welcome, with a notable contribution of $2,240, mostly from unidentified benefactors. The top 50 contributors list showcases names like Doug Sharp, Associate General Counsel, Corporate, and Max Branzburg, VP of Product at Coinbase.
The platform offers a spotlight on lawmakers supporting the crypto cause, such as Republican David Schweikert and Democrats Josh Gottheimer and Ritchie Torres. Torres, in a recent podcast, did not hold back his critique of Gary Gensler’s helm at the U.S. Security and Exchange Commission (SEC). In contrast, the platform also presents figures like Democrat Elizabeth Warren, known for her skepticism towards cryptocurrency. This feature is designed to guide users in contacting their representatives and making informed voting decisions.
Coinbase’s Advocacy Journey
Coinbase’s journey in legal advocacy is nothing new. Previously, their “Stand with Crypto” shield NFT saw over 160,000 mintings and successfully raised $215,000 for crypto advocacy groups. Additionally, a prior on-chain appeal garnered an impressive 188,000 plus endorsements.
This campaign bears a resemblance to Coinbase’s earlier “Crypto435” initiative that was initiated in March, as reported by CNN.
The underlying motive? With the SEC’s recent lawsuit against Coinbase, it’s evident that the company is in the crosshairs of regulators. Coinbase firmly believes that the SEC’s actions lack clarity and lean heavily towards enforcement over proper guidance.
