Coinbase has rolled out a new tool on its app that allows users to learn about how their elected officials view cryptocurrencies. The tool is intended to help exchange customers connect with US lawmakers and potentially influence how they vote on matters relating to crypto and blockchain industry legislation. .
The launch comes nearly two years after Coinbase banned its employees from discussing and debating political issues at work, leading some media outlets and commentators to decry the exchange’s hypocritical attitude.
However, the ban on internal political discussions was arguably a move to protect company harmony from employee disputes, while the new feature aims to exert external pressure on politicians to promote policies. pro-crypto. This observation has therefore led some observers within the industry to express their approval for this latest initiative by Coinbase.
Coinbase wants users to support pro-crypto lawmakers
When announcing the launch of the new feature on Twitterthe CEO of Coinbase, Brian Armstrong, explained that it was addressing all of its verified users which number 103 million. He added that the goal was to provide users with information about the crypto positions held by political leaders where they live.โ
The goal is to turn Coinbase users into an active political demographic that can encourage and pressure US lawmakers to support pro-crypto legislation and regulation. Armstrong even revealed that eventually the exchange wants to โhelp pro-crypto candidates solicit donations from the crypto community (in cryptocurrency).
Coinbase also plans to eventually roll out the feature to other jurisdictions outside of the United States: Armstrong added that the exchange โwill also expand to achieve greater geographic coverage in global elections.โ
An ambitious initiative of this scale is rare not only for a crypto exchange, but also for any type of publicly traded company. And given the exchange’s desire to turn its users into a political force, it has led some observers to level accusations of hypocrisy.
Some reviewers have gone so far as to suggest that this feature depicts Brian Armstrong himself “banning” opinions he doesn’t share to promote those he agrees with. That’s the opinion of the skeptic Bitfinex’ed, who seems to suggest that Armstrong and senior executives at Coinbase want to suppress liberal and leftist policies first.
On the other hand, prominent figures operating in the crypto sector view the move as positive for the industry, as it should ultimately have the effect of ensuring the passage of more industry-friendly legislation. And in a climate where various legislators regularly call for strict regulation of the sector, such legislation is arguably necessary.
The regulatory void
Coinbase’s decision should be read in the current political context, in which the wider adoption of cryptocurrencies is arguably held back by the lack of clear and unambiguous regulations. This is particularly the case with regard to the question of whether most cryptocurrencies are securities, an issue which is currently disputed in the ongoing legal battle between Ripple and the DRY.
According to a study, it is this uncertainty that prevents institutional investors and hedge funds from investing in the crypto market. As such, Coinbase’s decision – despite its superficial inconsistency with the company’s internal policies – should be welcomed by the industry, as it may end up being a necessary factor in turning the tide in favor of crypto.
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