Coinbase, a leading Coinbase crypto trading platform, has recently struck a chord with the launch of Stand with Crypto Alliance, an independent non-profit organization. This entity is firmly invested in voicing and advancing the interests of the rapidly burgeoning crypto community.
Faryar Shirzad, Coinbase’s chief policy officer, astutely points out the disconnect between a zealous crypto community and skeptical politicians hitherto underestimating the churning passion behind these futurist movements. Notwithstanding, the crypto industry’s relationship with authorities, particularly in the US, remains a disruptive saga where the digital realm and regulation often lock horns.
Indeed, recent disappointments suffered by high-profile crypto entities, such as FTX, Celsius Network, and Three Arrows Capital, have propelled regulators to tighten the leash around the industry, carving out a stricter stance towards digital assets.
Sitting at the heart of the regulatory battles is the debate around crypto tokens regulation. Contrary to the principles held by the Securities and Exchange Commission (SEC) that stipulates most crypto products as investment contracts subject to its jurisdiction, the crypto fraternity firmly challenges this perspective. A recent ruling by a US court aligns with the crypto community, stating that XRP exchanges do not bear the qualities of an investment contract.
With Stand with Crypto Alliance, Coinbase seeks to reenergize the campaign for regulatory clarity in the US. Much like its predecessor, Crypto435, the aim is rallying the decentralized crypto community towards legislation that shelters the consumers and safeguards their crypto rights, sending out a clear message to the lawmakers, “Recess is over”.
The emerging blockchain technology, pivotal to crypto, shows promise as the cornerstone of future finance, crediting its potential to catalyze real-time, free-of-cost transactions. But the weave of regulatory intricacies remains a considerable roadblock, deterring potential investors from joining the crypto scene.
Coinbase’s new move, the Stand with Crypto Alliance, is an extensive attempt to muster crypto proponents across sects for a regulatory environment that champions consumers while fostering innovation. This marks a significant shift from the exuberance seen during the Crypto435 campaign, thereby indicating the dynamic motivation among the crypto aficionados towards legislative matters.
Source: Cryptonews
