GM DOers!
Raise the shields! ๐ก๏ธ
Coinbase has just initiated a grassroots crypto advocacy campaign to mobilize support for pro-crypto policies throughout the United States.
The US has long been considered a regulatory compass for other countries, but its recent anti-crypto stance is driving crypto-related businesses away and stifling innovation. โ
This stance is set to harm US consumers more than protect them.
Coinbase is at the forefront of seeking regulatory clarity in the US, battling the SEC (Securities and Exchange Commission) in court while rallying as much support as possible. ๐ฃ
They've launched a commemorative Stand With Crypto NFT representing the crypto community's united stand for the technology's potential. Proceeds from the NFT will fund crypto advocacy organizations.
Additionally, they've started the Crypto435 campaign, aiming to influence crypto policy decisions across all 435 Congressional Districts in the US. ๐๏ธ
How did we reach this point, why is Coinbase involved, and what do their recent efforts entail? We'll cover all of that in today's newsletter.
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Why Crypto Needs (Some) Rules
When it comes to blockchain technologies, and the products and businesses built on top of them, the world is in a completely uncharted territory. ๐บ๏ธ
This revolutionary tech has reached a $1.3 Trillion market cap ($3 trillion at the peak of the bull market) in just over a decade.
As a result, financial regulators across the world have been scrambling to come up with rules that could help formalize this technology and the various assets it has spawned.
Nations' approaches have ranged from embracing Bitcoin as legal tender (El Salvador) to outright banning crypto activities (China).
The crypto regulatory landscape remains a Wild West. Though great for risk-takers (aka degens) flipping memecoins, it isn't good for mass adoption. ๐ซ
Why?
Legal uncertainty makes risk-averse entrepreneurs, companies, and organizations steer clear of crypto. No one wants fines or jail time.
This conundrum plagues the US ๐บ๐ธ, with regulatory ambiguity driving businesses, developers, and innovation away.
๐ a16z's State of Crypto 2023 report illustrates this clearly:
So, how did we get here? ๐ค
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Coinbase, SEC, and the Great Crypto Uncertainty
At the heart of this issue is the US Securities and Exchange Commission (SEC), and standing up to them is the largest crypto exchange in the country - Coinbase. ๐ช
The SEC, responsible for regulating and enforcing securities laws, faces off against Coinbase, a crypto exchange founded in 2012 that went public in 2021 after SEC (!!!) approval.
While Coinbase's core operations have remained consistent, the SEC's stance on crypto has been anything but. ๐คท
One day, most cryptocurrencies are commodities; the next, only Bitcoin might be, leaving everything else as securities. There's even disagreement among US agencies on this classification. ๐คจ
Coinbase, often targeted by the SEC, has advocated for years for working together with the SEC to create sensible guidelines for crypto businesses.
Frustrated by the SEC's hostility and inaction, Coinbase took the fight to the courts, suing the SEC and rallying the crypto community to pressure the US government into fostering a healthy environment for the industry to flourish. ๐ฑ
In July 2022, Coinbase filed a petition asking the SEC to provide regulatory clarity on whether existing securities laws could apply to crypto companies and the services they provide.
However, nearly a year later, the SEC still hadn't provided any clear answers, prompting Coinbase to escalate the situation and advocate for change . ๐ฃ
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Putting Up the Shield, and Launching Crypto435
Are you joining the fight to save web3? Let us know by replying to this email with๐ก๏ธ or ๐ก๏ธ (only one right answer ๐)
Coinbase is rallying the crypto community with the Stand With Crypto commemorative NFT, a symbol of unity for those advocating sensible crypto policy.
The NFT features a blue shield, representing the collective stance to protect and promote the potential of blockchain technologies and digital assets.
As an open mint with no intended utility or value, all proceeds from the Stand With Crypto NFT will be donated to vetted organizations through a Crypto Advocacy Round with Gitcoin (decentralized funding platform), supporting groups like the Coin Center, DeFi Education Fund, Blockchain Association, and others.
Coinbase is also launching Crypto435, a grassroots campaign aimed at advocating for pro-crypto policies across the US. ๐บ๐ธ
As policymakers make decisions that will shape the future of crypto, it's crucial for the community to make their voices heard.
Crypto435 seeks to influence laws and policies in all 435 Congressional Districts, uniting the community and demonstrating strength in numbers. ๐ช
The regulatory outcomes in the US will likely impact the global crypto landscape ๐. As the US takes a stand on crypto regulations, other countries may follow suit or adopt contrasting policies.
By supporting initiatives like the Stand With Crypto NFT and Crypto435, the crypto community can work together to shape a more favorable and inclusive regulatory environment, both in the US and worldwide. ๐
If you want to join the fight in helping preserve and build the next phase of the internet, head here to find more details.
DOers be DOinโ (and fightinโ)! โ๏ธ
Whatโs New In Web3?
- Appleโs outside payments ban was ruled unlawful, in a likely win for NFTs and crypto.
- NFT games after Axie Infinity's fall will be made for gamers, not degens.
- Scaling decentralized social is tough โ Lens Protocol claims to have a solution.
๐ฃ Hold on, DOers!
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LISTEN
๐ง Don't miss our Weekly Rollup podcast episode! We discuss Coinbase vs. SEC, Yuga Labs' NFT victory, VeeFriends x SnoopDogg, Punx NFT duo, Solana Labs x ChatGPT, Adidas NFT, MNTGE vintage jeans, Romania's NFT Marketplace, Lexus Hoverboard NFTs, "Space Junk" animated series, and more! Tune in now! ๐ฅ
Thanks for reading and weโll see you next week! โค๏ธ
Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.
