Benzinga - Coinbase Global, Inc. (NASDAQ:COIN) initiated one of the largest lobbying efforts by the crypto industry on Wednesday, aimed at rallying support among lawmakers for the introduction of new legislative rules for the industry, Barron’s reported.
This event, named “Stand With Crypto Day,” uses a multipronged approach. Coinbase is sponsoring the travel of over 50 crypto company executives to Washington, D.C. for lobbying purposes, as per sources. The company also plans to park an armored “money truck” near the Capitol building as a form of mobile advertising.
Last month, Coinbase launched the non-profit group “Stand With Crypto Alliance” to advocate for crypto-friendly regulations. The company is also involved in a legal battle with the Securities and Exchange Commission (SEC) over alleged law violations. SEC Chair Gary Gensler has long claimed that the crypto industry is fraught with fraud.
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Paul Grewal, Chief Legal Officer at Coinbase, stated, “The idea is to show that there’s a lot more happening out there than crypto companies getting sued.”
The lobbying push also aims to emphasize recent SEC defeats in court. In July, Ripple Labs won a partial victory when a judge suggested that most crypto tokens aren’t securities subject to SEC jurisdiction.
However, the timing of Coinbase’s push may be unfortunate, with lawmakers currently focused on averting a potential government shutdown. Policy analysts believe election politics may also hinder any major legislation in the near future.
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