Nothing stops Coinbase (Currency) .
The most popular platform for buying and selling bitcoin (BTC) and other cryptocurrencies in the US remains committed to pushing for mass adoption by the crypto industry.
To achieve this, the company is already targeting audiences directly with ads broadcast during major sporting events. Her 2022 Super Bowl commercial back in February was one of the most circulated on social networks. The bounced QR code has now created a sensation.
But the platform also knows that seducing Main Street is not enough. In fact, Coinbase was targeting legislators, those who make laws that regulate the future of cryptocurrencies. It uses classic lobbying measures such as donations to political campaigns.
But Coinbase just innovated by deciding to put pressure on politicians by going directly to their constituents and potential voters. With the midterm elections approaching in November, the platform will let its users know which lawmakers are compliant with crypto and which are neutral or against the industry.
A new tool has been added to the Coinbase app so that users can refer to it directly to see if their representative is an advocate for the emerging industry. It’s a scorecard for the crypto community to lobby elected officials.
“Starting today, Coinbase will begin integrating our crypto policy efforts directly into our app,” CEO Brian Armstrong recently announced on Twitter. “This will help the 103 million verified users get educated about the crypto positions that political leaders hold where they live.”
“For example, users in the United States can see encrypted sentiment scores from members of Congress based on publicly available data they have made, register to vote, and learn about local town hall events,” Armstrong added.
Thus, members of Congress are ranked according to their sentiments towards cryptocurrencies. The ratings take into account different elements and range from A for crypto-friendly lawmakers to F for those who are against the industry.
Coinbase is based on the Crypto Action Network (CAN), which just released a report card on the outgoing conference. The platform is one of CAN’s financial backers.
Support for crypto-compliant candidates
CAN has judged legislators according to the following criteria: sponsored and/or co-sponsored legislation; positive or negative public statements; The votes of the selected cryptocurrency; Positive or negative crypto-related opinion articles; Positive or negative congressional messages for cryptocurrency; Crypto pool membership and willingness to host crypto-focused events and accept crypto donations to their campaigns.
Based on our methodology, Senators Ted Cruz (R-Texas), Kirsten Gillibrand (D-NY), Cynthia Loomis (R-WY), Rob Portman (R-OH), Pat Tommy (R-PA), and Ron Wyden (D-OR) All of them got ‘A’ grades, CAN said. And in the House of Representatives, 24 members got an ‘A’ grade. Most members of Congress, more than 70%, had “incomplete” scores because they had not yet talked about cryptocurrency policy, if any, according to CAN.
Ultimately, Coinbase wants to use this feature to allow pro-crypto candidates to raise funds for their campaigns. He also wants to make it a permanent way to put pressure on politicians from crypto enthusiasts and investors.
“Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We will also expand to get more geographic coverage in global elections, adding data on the different candidates vying for positions (not just current ones),” Armstrong said. “.
Coinbase is trying to mobilize the cryptocurrency community that has become a “big component,” to “involve elected leaders and drive sensible policies.”
The revelation of this new leverage tool comes amid growing calls for strict supervision of cryptocurrencies following a series of scandals that contributed to the current market crash.
The collapse of sister tokens Luna and UST in May triggered a liquidity crunch that forced the liquidation of hedge fund Three Arrows Capital and led major crypto lenders such as Celsius Network and Voyager Digital to file for Chapter 11 bankruptcy.
Retail investors lost tens of billions of dollars in savings, while institutional investors were forced to reduce the value of their portfolios of digital assets.