Coinbase, a renowned U.S. company, just made a group called the ‘Stand with Crypto Alliance‘. According to the official statement, the group aims to advocate cryptocurrencies for better legislative laws and policies.
The primary objective is to ensure the future stability of cryptocurrencies within the United States by offering strong support for the creation of clear and precise regulations. This endeavor warmly welcomes the cryptocurrency community to actively participate and engage in the initiative.
Coinbase has been asking people to join for a while now. Over 59,000 people have joined already.
Representatives believe the reason for starting the Stand With Crypto Alliance is to make good use of blockchain technology to make the financial system better. It also wants to get people together to make sure cryptocurrency rules help developers and creators in the Web3 space.
Delays in Cryptocurrency rules in the US
Coinbase highlights the efforts of U.S. lawmakers to establish effective cryptocurrency regulations. However, the slow progress has led to unelected officials making decisions about cryptocurrencies. This situation potentially hampers innovation, job creation, and consumer protection.
Coinbase also draws attention to the ongoing advancement of cryptocurrency-related bills within Congress, supported by representatives from both sides of the aisle. The “Stand with Crypto Alliance” is poised to endorse the passage of such bills.
Insight into Legislative Stances in the US
The alliance’s official website provides an overview of the stance taken by each U.S. lawmaker concerning cryptocurrencies. Visitors can also access information regarding virtual currency bills introduced by individual legislators, alongside their current status.
For instance, Senators Elizabeth Warren and Rep. Brad Sherman are noted as being “strongly opposed” to cryptocurrencies. Conversely, Rep. Josh Gottheimer, Rep. Richie Torres, and Rep. David Schweickert are described as being “extremely supportive.” The platform also shares related statements from these representatives.
As Coinbase noticed that rules about cryptocurrencies were unclear in the U.S., they decided to grow their business in other parts of the world.
In May, they started the Coinbase International Exchange, which is for big investors from other countries. This platform lets people trade something called perpetual futures contracts.
A lot of people are trading on it every day, showing that more and more people are interested in special types of cryptocurrency derivatives.
Established in 2012, Coinbase stands as a prominent cryptocurrency exchange in the United States.
It was Founded jointly by an individual with engineering experience in the world’s leading short-term rental service.
Coinbase remains committed to enhancing its offerings. With 50 financial institutions already onboard and a trading volume of approximately ¥800 billion ($5.5 billion) in the first seven weeks, the company has ambitious plans to introduce new features and products, including spot trading, in the latter half of 2023.