Author: Casey Wagner, translated by blockwork: Shane and LianGuai
Cryptocurrency exchange Coinbase is launching a non-profit organization aimed at promoting cryptocurrency-friendly policies globally.
The cryptocurrency alliance will primarily support and advance legislation in the United States to foster industry access and innovation. The alliance is a 501(c)(4) organization, subject to the Internal Revenue Service, meaning it is a tax-exempt social welfare group. Kara Calvert, Coinbase’s Head of US Public Policy, stated during a Twitter Spaces event that discussions on cryptocurrency policy are currently centered in Washington, D.C., involving centralized participants and other large organizations. However, “Stand with Crypto Alliance” hopes to bring new voices to the table. Calvert said, “[The alliance] really represents the whole gamut of the cryptocurrency industry. It involves decentralization efforts, decentralized power, decentralized access, and I think that’s really what supporting the crypto movement is all about.”
Coinbase announced the establishment of this non-profit organization shortly after hosting the inaugural “Crypto Town Hall” event at New York City Hall. The highlight of the event was group discussions with local and federal legislators and advisors, with Coinbase stating that it would help drive dialogue between the industry and the government.
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Calvert said, “This is a grassroots, organic, bottom-up effort, and we’re excited to be able to build it into our own organization. It will provide people with a lot of tools to understand their members of Congress, get legislative scores, get into the legislative action portal… It really gives them the tools they need to interact with members of Congress.”
Coinbase is one of several exchanges currently facing charges from the U.S. Securities and Exchange Commission, alleging broker and clearing violations. Last week, groups and individuals, including Wyoming Republican Senator Cynthia Lummis, as well as top legal scholars from institutions such as Yale University and the University of California, Los Angeles, submitted extensive amicus briefs to the court expressing their views.
Faryar Shirzad, Coinbase’s Chief Policy Officer, responded to the brief in a tweet last week, writing, “Thank you to so many distinguished groups and individuals who understand that the rule of law, due process, and our national security are all at stake.”
Those interested in joining “Stand with Crypto Alliance” can now register through Coinbase. Advocates are encouraged to reach out to legislators and donate to the cause.