According to a Coinbase blog post, Stand With Crypto Alliance will be the first independent advocacy organization in the U.S. for cryptocurrency companies and users created by cryptocurrency advocates. The alliance aims to revamp the country’s financial system and expand its economic opportunities.
According to Coinbase, more than 50 million Americans own digital assets. Therefore, it is imperative that lawmakers pass sensible laws to protect consumers and their rights to use cryptocurrencies, the exchange said in a statement.
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“The Alliance is mobilizing the entire decentralized crypto community to tell lawmakers: the vacations are over. The future of cryptocurrencies in America is in jeopardy: incompetent regulators undermine U.S. leadership in innovation. As a result, thousands of jobs have been lost overseas and American consumers are left unprotected,” said Faryar Shirzad, the exchange’s policy director.
According to Coinbase, 72% of Georgia crypto investors believe politicians should support the latest technology changing the world for the better. 70% of New Hampshire investors believe cryptocurrencies and blockchain can empower Americans economically, unlike traditional finance.
Last year, Coinbase said it would post information for users about what steps local governments are taking regarding the cryptocurrency industry.
Right now, the trading platform has an uneasy relationship with the U.S. regulator. In June, the U.S. Securities and Exchange Commission (SEC) sued Coinbase, accusing it of failing to register as a securities clearing agency and brokerage firm. However, Senator Cynthia Lummis recently criticized the agency for violating its authority and encroaching on congressional lawmaking.