Over 100,000 people joined the nonprofit Stand With Crypto in the first few weeks of its launch, according to organizers of Coinbase’s (COIN) successful effort to mobilize a grassroots movement of pro-amateur cryptocurrency advocates across the nation.Contacting legislators and learning about their views on cryptography are made simple on the group’s website.The chief strategist of Stand With Crypto, Nick Carr, stated that 80,000 people have contributed money so far, surpassing the $2 million milestone.Brian Armstrong, the CEO of Coinbase, is the sole donor of half of that funding.
“Our goal is to truly unite and coalesce the crypto grassroots community,” Carr said in an interview. He said the group is trying to be a “one-stop shop” for crypto advocacy.
More than 16,000 calls and emails have been made to members of Congress, according to him.The contributions are intended to support the expansion of the organization’s website’s policy-influencing features, which include outreach to legislators using artificial intelligence and information portals that display legislators’ positions on cryptocurrency.According to Carr, the group is also organizing more live events.Despite being described as a grassroots initiative, Coinbase, a digital asset exchange, is credited with giving the group its start. Coinbase continued to support the initiative even after its August launch.
“Centralized lobbying is not going to get it done in Washington,” said Kara Calvert, head of U.S. policy for Coinbase, in an interview.
She claimed that the crypto message is more effective when it comes from constituents in the states and districts directly to the legislators.Rather than businesses like Coinbase, “they answer to their voters,” the woman stated.The House of Representatives has pushed several crypto-oversight bills to the verge of passage, but the Senate has historically been less eager to act, so this is a turbulent moment for crypto policy.Professional lobbyists believe that two narrow slivers of legislation pertaining to digital assets—stablecoin regulation and money-laundering safeguards—have the best chance of passing in the near future.
As with every legislative calendar, it is worthwhile to keep an eye on the budget bills that are due to be passed, especially the defense spending plan, to see if any crypto legislation is added at the last minute.A House bill regulating stablecoins currently has some bipartisan support, and legislation tightening industry money-laundering safeguards may gain traction in the wake of headlines connecting cryptocurrency donations to Hamas.
Even though the goal of Stand With Crypto is to unite supporters of all stripes, the largest providers of digital assets stand to gain if the group is successful in influencing legislators.
“I think broadening that base is something that wasn’t happening before and I think all of the crypto companies continue to have a vested interest in this,” Calvert said.