Regulation
Coinbase calls for support for pro-crypto candidates, donates $25 million to Fairshake
Coinbase has called for an “update” of the US financial system to include clear regulations for the crypto sector. Coinbase Twitter
KEY POINTS
- Coinbase has declared itself “apolitical” regarding matters outside its mission
- The crypto giant said it was “critical” for the industry to welcome so many pro-crypto candidates from both parties.
- Coinbase has asked the SEC for new regulations specific to the crypto sector
Cryptocurrency giant Coinbase has urged the industry to support candidates in the upcoming elections who embrace the digital asset space, so the sector can benefit from “regulatory clarity.”
In a blog post published Monday, Coinbase noted that it is an “apolitical company” when it comes to matters outside of its mission. However, “when it comes to our mission to increase economic freedom by increasing the adoption of cryptocurrencies, we are deeply engaged in policy efforts.”
The crypto titan then outlined the ways in which the booming industry can obtain the regulatory clarity this is what he asked the United States Securities and Exchange (SEC) and the government.
Among these avenues, we can cite the request for clarity to the court “by creating new case law”. The industry can also approach Congress for legislation relating to crypto regulation. However, Coinbase acknowledged that such paths can take time and that “a few holdouts can create big problems.”
Such was the case with the SEC’s Staff Accounting Bulletin 121 (SAB 121), which requires cryptocurrency custodian companies to retain their clients’ assets on their balance sheets. Lawmakers from both houses of Congress passed a bill that cancels the ballot, but President Joe Biden ultimately vetoed the bill late last week. He said he would not support measures that “endanger the well-being of consumers and investors.”
Since the path to legislation relating to cryptocurrency regulation can be long and arduous, Coinbase believes that “the best way to achieve clearer regulation in democratic countries is to elect pro-crypto candidates from both sides of the aisle and vote for anti-crypto candidates.” out of office.”
As part of its efforts for this cause, Coinbase donated an additional $25 million in stablecoin USD Coin (USDC) to help fund the Fairshake SuperPAC.
The company then noted that the House of Representatives and Senate help determine what type of crypto legislation will pass, among other things, so increasing the number of pro-crypto members is “critical” to finally get clarity for the area.
Coinbase’s call to rally support for pro-crypto candidates comes weeks after the SEC told the court that the crypto giant I can’t force him to write new rules for the digital asset space since “none” of the reasons given by Coinbase to defend its claim were justified.
Coinbase has received support from the Crypto Council for Innovation (CCI) and the United States Chamber of Commerce (USCC) in its attempt to push the SEC for new regulations suitable for the crypto industry.