Coinbase, a prominent cryptocurrency exchange headquartered in the United States, has launched a new campaign urging crypto enthusiasts to directly engage with lawmakers.
The initiative, named the “Stand with Crypto Alliance,” has garnered significant attention, with over 54,000 individuals signing up by August 15th.
The main objective is to foster interaction between crypto supporters and federal-level U.S. legislators.
This platform enables users to gauge the stance of members of the U.S. Senate and House of Representatives towards cryptocurrency.
As of the current date, the initiative’s landing page indicates the sentiments of various lawmakers towards crypto policies.
Notably, Senator Elizabeth Warren and Representative Brad Sherman are marked as “strongly against” crypto policies.
On the other side, Representatives Josh Gottheimer, Ritchie Torres, and David Schweikert are noted as being “very supportive.”
Schweikert, in particular, has endorsed three pro-crypto bills during his tenure and has shown interest in digital assets.
However, the initiative’s background also brings to light certain ethical considerations.
Representative Schweikert, despite his involvement in advocating for crypto, has faced ethical issues in the past.
In 2020, he was fined $50,000 by the House Ethics Committee for campaign finance violations that contravened House ethics regulations.
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Subsequently, in 2022, the Federal Election Commission imposed a $125,000 fine related to similar allegations.
These violations revolved around non-disclosure of loans and the improper use of campaign funds for personal purposes.
Notably, the Stand with Crypto Alliance has received donations, including $215 from a crypto user with the Twitter handle “Jerry Mander,” a play on the term “gerrymander.”
Additionally, there was an unverified $191.98 contribution, potentially from Roger Bartlett, Coinbase’s head of institutional operations solutions and Coinbase Treasury.
This initiative aligns with Coinbase’s ongoing efforts to support “pro-crypto candidates” in the U.S. political landscape.
Currently, Coinbase is entangled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) over allegations of conducting unregistered securities offerings.
Amidst this legal battle, calls from various quarters, including lawmakers and industry proponents, have emerged, urging the regulator to drop the case.
In conclusion, Coinbase’s latest endeavor, the Stand with Crypto Alliance, seeks to facilitate direct communication between cryptocurrency proponents and U.S. legislators.
However, the initiative’s backdrop also highlights ethical concerns related to certain lawmakers involved.
This initiative is part of Coinbase’s broader strategy to promote favorable crypto policies and navigate its ongoing legal challenges.
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