Coinbase has announced the formation of a lobby group to advocate for clear and favorable crypto policies in the US. The Stand with Crypto Alliance group aims to unite the crypto community and influence lawmakers and regulators to modernize the financial system and protect consumers.
The alliance was launched in response to what Coinbase has described as an unclear and hostile regulatory framework for the crypto industry in the US.
The exchange has expressed its concerns over the lack of effective regulation and the actions taken by the Securities and Exchange Commission (SEC) against some of its products and services.
According to Coinbase, over 50 million Americans have invested in cryptocurrencies, and a staggering 87% of them believe that the financial system needs substantial reforms, if not a complete overhaul.
Furthermore, the exchange asserts that a lack of clear regulatory guidelines could put numerous jobs and innovations at risk.
The Stand with Crypto Alliance will rally the decentralized cryptocurrency community to hold the lawmakers accountable as Congress convenes to vote on legislation aimed at protecting consumers.
The alliance will also support crypto advocacy groups and create a pro-crypto on-chain petition.
The alliance’s debut resulted in the creation of more than 160,000 ‘crypto shields,’ which are digital badges that show support for the crypto cause.
The shields have also raised USD 215,000 for crypto advocacy groups, along with a pro-crypto on-chain petition that has garnered over 180,000 signatures.
Coinbase hopes that the Stand with Crypto Alliance will help shape the crypto regulatory landscape in the US and ensure that the country stays caught up in innovation and economic security.
