Coinbase is launching a comprehensive paid media campaign to urge crypto users to contact their members of Congress to address the need for regulatory clarity of the crypto industry.
As part of this campaign, the second-largest crypto exchange is also organizing a fly-in on Sept. 27 to bring executives and developers from different crypto companies to meet staff and lawmakers on Capitol Hill.
Down to the roots
As stated in Reuters, the grassroots advocacy campaign seeks to advance a bill that would define when a cryptocurrency is a security or a commodity. This bill was advanced by a congressional committee back in July but has yet to receive a full vote in the U.S. House of Representatives.
Pushing against the SEC
Part of the motivation behind this campaign is said to stem from the U.S. Security and Exchange Commission’s crackdown on the crypto industry, which started with the agency suing Binance and Coinbase just hours apart for allegedly selling unregistered securities.
Coinbase, which continues to deny this claim against them. The new campaign is the latest political influencing campaign endeavor by Coinbase, which spent $3.39 million on lobbying in the 2022 election cycle, according to OpenSecrets.