The policies set by politicians will play a crucial role in determining how Americans will mine, buy, sell, and use cryptocurrencies in the coming years. With the 2024 US presidential elections just around the corner, this marks an opportune time to actively lobby for the interests of the crypto industry.
To ensure that the voices of crypto enthusiasts in the US are heard loud and clear, Coinbase has launched a public campaign in all 435 electoral districts across the country.
So who will Crypto435 represent?
Crypto435 is a movement that brings together the voices of the American crypto community, and its participants will work towards promoting crypto-friendly legislation and regulatory policies.
Using data from various sociological surveys, Coinbase has set the target of gathering 50,000 crypto advocates by the end of 2023, which seems completely achievable.
The numbers don't lie. Last year, Coinbase alone had over 1.6 million active users across four US states. That's roughly 90,000 crypto users in Montana, over 1 million in Ohio, over 450,000 in Nevada, and 135,000 in New Hampshire. Even in states with lower user numbers, the client base is still quite impressive.
In total, almost 20% of US adults, or more than 50 million people, claim to own cryptocurrency. Cryptocurrency users come from diverse political, racial, and ethnic backgrounds, including Republicans (18%), Democrats (22%), and those with no particular political affiliation. Additionally, one in four Asian adults and one in five African Americans have invested in cryptocurrency or used it in financial transactions.
Young Americans are the most likely to own cryptocurrency, with Generation Z (36%) and Millennials (30%) leading the way. Over half of people in these age groups believe that cryptocurrency and blockchain are the future.
Moreover, as much as 67% of Americans believe that the current financial system urgently requires a revamp. In this regard, Coinbase seeks to appeal to these individuals by emphasizing the extensive possibilities for financial reform that blockchain and cryptocurrency provide.
Coinbase's leadership emphasizes that it operates in the US because they believe it is the ideal place for cryptocurrency and blockchain development. However, US authorities have adopted a regulatory enforcement approach, which could hinder the growth of the cryptocurrency sector.
An open letter in defense of the crypto industry Source: Coinbase’s blog
What actions are crypto lawyers expected to take in Crypto435?
Coinbase is urging participants in the initiative to contact their congressmen and federal-level politicians without hesitation. As voters, they have the right to demand the development and adoption of cryptocurrency legislation.
Crypto enthusiasts are also expected to demonstrate civic engagement by signing petitions for or against legislative and regulatory initiatives at all levels. For example, Coinbase has already prepared an open letter titled "We Want to Innovate in America" calling on Congress to pass a cryptocurrency law.
The movement aims to become mass-based. Therefore, active participants in Crypto435 are asked to involve their friends who support crypto and Web3 in the initiative. The crypto exchange is preparing posts, podcasts, and media advertising to explain the importance of financial system reform. Crypto enthusiasts can share them on social media.
Coinbase advocates for staking Source: The company’s Twitter account
In addition, entrepreneurs are addressing issues that are inevitably going to be raised by candidates during the election campaign, such as unemployment rates, technological development, and global leadership. For instance, America is currently home to 29% of all blockchain developers in the world. However, this percentage has been steadily declining over the past 5 years.
The American blockchain industry is losing its global leadership Source: Electric Capital report
We are at risk of missing out on an anticipated 4 million more developer and non-technical jobs in blockchain by 2030. Clear and responsible regulation that enables the blockchain industry to thrive in the US is critical to our preeminence in the finance and tech sectors, and this work needs to happen transparently, not through one-off enforcement actions,claims Coinbase.
Crypto is finding support at the state level
It's not all doom and gloom for Coinbase and crypto advocates from Crypto435. While federal authorities are dragging their feet on regulatory recommendations for the crypto industry, individual states are taking matters into their own hands. More and more governors, legislators, and state institutions are proposing bipartisan measures to support cryptocurrency.
For example, New Hampshire Governor Chris Sununu recently published recommendations for creating a special legal framework. His aim is to make the state an attractive destination for blockchain enterprises, while also safeguarding the interests of investors and consumers. Meanwhile, the office of California Governor Gavin Newsom has prepared an innovation report that outlines six steps to ensure the state remains at the forefront of blockchain technology.
Wyoming Governor Mark Gordon has signed the Wyoming Stable Token Act, which regulates the issuance of stablecoins. These coins will be representative (issued by government banks) and backed by dollars held in trust by the state at a 1:1 ratio. In Colorado, Governor Jared Polis has allowed crypto payments for taxes, with the state converting them into fiat currency. Additionally, the New York Department of Financial Services is positioning the state as a national leader in cryptocurrency regulation.
As a result, local authorities are gradually filling the legal void left by federal inaction. In Crypto435, they will continue to push politicians to collaborate and develop transparent rules of the game for all participants in the crypto market.
