As the 2024 U.S. elections approach, US crypto exchange Coinbase is spearheading a major initiative to mobilize the nation’s 52 million crypto owners into a powerful advocacy group. This “Stand with Crypto” campaign is not just about rallying support—it’s about making a decisive impact on the regulatory landscape for cryptocurrencies. Apparently, Coinbase wants to enforce crypto regulation and fight the U.S. SEC’s regulation-by-enforcement approach.
Key Details:
- Campaign Launch: Stand with Crypto Day in DC on September 27.
- Objective: Turn 52 million crypto owners into 1 million advocates for fair crypto regulation.
- Key States: AZ, CA, GA, IL, NH, NV, OH, PA, WI.
- Current Situation: 87% of Americans want financial reform; 51% feel the system is unfair.
- Action: Call your congressperson to support crypto-friendly legislation.
Context:
The Coinbase campaign aims to challenge outdated financial systems that limit economic freedom and opportunity. With the 2024 elections approaching, crypto owners are urged to push for sensible, clear regulation to foster innovation and protect jobs.
The campaign underscores the urgent need for clear and sensible cryptocurrency regulation. The current “enforcement only” approach is driving jobs and innovation overseas, risking the U.S.’s position as a global leader in financial technology. To address this, Coinbase is advocating for the Financial Innovation and Technology for the 21st Century Act (FIT21), which provides a strong regulatory framework that balances consumer protection with innovation.
Insight:
Crypto is a crucial part of the future financial landscape. Approximately 20% of Gen Z individuals own cryptocurrency, slightly higher than the 18% who own stocks. This contrasts with older generations, where only 5% of baby boomers engage in cryptocurrency investments. A study found that nearly 94% of cryptocurrency buyers fall within the age range of 18-40, encompassing both Gen Z and Millennials.
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