Coinbase has been pushing for clear crypto regulations and for this, it has a new operation to bring 50 Million crypto owners in the United States to come in support of crypto laws.
As per Coinbase, there are 52 Million crypto owners in the United States. Among them, 60% are either GenZ or Millennials, and 75% have an income below $100,000. 41% are from the racial minorities
What the Coinbase Surveys Reveal
A poll organized in 2022 showed that 55% of voters in Nevada, Pennsylvania, Ohio, and New Hampshire are less interested in voting for the person who does not support crypto and Web3. This shows that people are inclined towards crypto.
One of the previous surveys showed that 72% of Americans in the age group between 18 to 34 years said that cryptocurrency allowed for the direct control of personal assets while another 72% agreed that digital assets are the future of finance.
All these surveys reveal that people are fascinated by crypto and they have attentiveness towards the sector. The firm also researched to understand the attitude of Americans toward the financial system. The result shows that people want change.
Nine in ten, approximately 87% of Americans believe the financial system needs changing, 51% believe that America’s financial system does not work fairly for everyone. Only 14% are confident about the future of the financial system.
Crypto Regulatory Framework Should be Clear
Most crypto owners are middle class and working, relatively young, and more varied than the population as a whole. Crypto needs uncomplicated and effective laws.
Many countries around the world are moving forward with the crypto regulatory frameworks to intentionally position themselves as crypto hubs, attracting new companies, jobs, and revenues.
But in America, an Electric developer report found that the U.S. is at risk of losing one Million developer jobs and three Million related non-technical jobs over the next seven years as the companies are shifting their bases overseas.
The crypto giant is asking 52 Million crypto owners and advocates to use their voices to stand for the firm regulatory law with clarity. It is the best first step towards responsible law.
Coinbase’s move towards its goal of the development of the Financial Innovation and Technology for the 21st Century Act (FIT21), offers a strong regulatory framework providing clear definition, and protection of consumers that does not suffocate innovation. This 21st-century act has passed and is expected to come to the House floor for a vote this fall.
In August 2023, Coinbase launched an independent advocacy non-profit popular campaign called Stand with Crypto Alliance. This is aimed at developing sensible crypto innovation and policy. Since its launch, it has received support from over 100,000 people and it plans to involve the 52 Million crypto holders in the U.S.
This alliance will include a campaign focusing on nine states and it was started on September 19 in Washington DC. On September 27, innovators, developers, and entrepreneurs from all over the world will gather to meet the Members of Congress and government officials to explain the benefits of crypto. They will also explain that the regulatory framework enforcement is taking away the jobs and innovation out of the U.S.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/01/coinbase-seeks-50m-holders-support-for-clear-crypto-regulations/