Cryptocurrency exchange Coinbase launched a Stand With Crypto Alliance, a crypto advocacy group, on August 14. The primary goal of this independent non-profit organization is to mobilize support for legislation that would establish a regulatory framework for digital assets in thе United States.
According to the website, there are currently 54,500 crypto advocates ready to support Coinbase in its vision. The exchange encourages participants to sign up as a Stand With Crypto member, mint one of the program’s dedicated NFTs on its new base network, or contact their local representative.
The initiative also accepts donations. The top 50 donors reportedly donated $2,240 in multiple cryptocurrencies. These donations come mostly from anonymous donors. However, thе list includes some Coinbase executives, such as VP of Product Max Bransberg and Associate General Counsel Corporate Doug Sharp.
Coinbase’s program page also shows politicians supporting cryptocurrency, such as David Schweickert, Richie Torres, and Democrats Josh Guttimer. In July, Torres criticized SEC Chair Gary Gensler, saying he had declared war on the entire crypto industry. Moreover, it also highlights Democrat Elizabeth Warren and other lawmakers who oppose cryptocurrency.
Faryar Shirzad, Coinbase’s chief policy officer, said:
“I think a few politicians are seeing crypto as an easy shot to take.” He added, “I don’t think they have fully understood the passion and the community behind it.”
The exchange said its earlier “Stand with Crypto” shield NFT was minted over 160,000 times. It generated $215,000 that went to the advocacy group.
A Tense Connection Between Crypto Firms And SEC
The relationship between the US government and the crypto industry has recently been uncertain and shaky. The collapse of crypto giants FTX, Celsius Network, and Three Arrows urged lawmakers to adopt a stricter stance toward digital assets. CoinGecko figured out that the total value of cryptocurrencies that the SEC sees as securities is over $89.2 billion.
In June, thе SEC sued Coinbase for allegedly operating as an unregistered exchange, clearing agency, and a broker. Coinbase fought against the case by asking the court to dismiss it this month, saying they didn’t do anything wrong. According to the exchange, 87% of Americans believe the financial system needs change or total reform.