Stand with Crypto, an independent nonprofit organization started by Coinbase to empower crypto users, builders, and supporters, is taking a stand in the nation’s capital. Today (September 7), over 45 founders from 15 states gathered on Capitol Hill to advocate for pro-crypto policies. The timing aligns with SEC Chair Gary Gensler testifying before the House Financial Services Committee on his recent stances on crypto regulation.
Here at our nations capital for #StandWithCrypto day with 40 crypto founders from across the country.
It’s time for America to join the rest of the G20 and get some clear rules on the books. pic.twitter.com/oQCBGH2yGY
— Brian Armstrong 🛡️ (@brian_armstrong) September 27, 2023
Coinbase and similar crypto platforms have recently faced legal challenges, with the U.S. Securities and Exchange Commission pointing to potential violations, such as broker and clearing issues. Amid fears of stricter regulations possibly leading to a crypto halt, the public has been prompted to react.
Coinbase reports that around 52 million Americans are crypto owners, which equals to 20% of all adults in America. In their report Coinbase further emphasizes the widespread growth of crypto owners across the US along with the data and examples to prove it.
“Policymakers across the globe are making decisions about the future of crypto. Their choices will determine how, when, and where YOU can build, buy, sell, and use crypto, and it’s critical that they get it right,” Stand With Crypto said on its website. “That’s why advocating for pro-crypto policy and making your voice heard is so important.”
— 0xOhm.eth (@0xOhm_eth) September 27, 2023
Among those in attendance was Ohm Shah, founder of Web3 security extension Wallet Guard. he traveled to Washington, D.C., to join Stand With Crypto and wants to see policies that protect crypto.
“It’s an interesting time in D.C. given the possible shutdown and Gensler hearing,” he told nft now. “FIT21 would be a great step forward to add the clarity needed to foster innovation within the US.”
FIT21 is a comprehensive market structure bill designed to protect consumers and define regulatory clarity for companies in the US. Coinbase CEO Brian Armstrong has tweeted in favor of this bill, believing that it is crucial to safeguarding Americans’ digital assets, promoting innovation, and protecting national security.”
The Money Truck (slowly) made its way to DC for #StandWithCrypto Day today, where it’s educating members of Congress and government officials on just how much Americans use and love crypto.
Beep in the comments. pic.twitter.com/llQ30SMmyF
— Coinbase 🛡️📞 (@coinbase) September 27, 2023
A notable moment was when multiple people flashed “Stand with Crypto” signs via phone screen behind Gensler while he was testifying to bring awareness to the organization and the message.
With the direction of crypto regulation still uncertain, collaborative efforts like these highlight the importance of collaborative dialogues and proactive measures in shaping a bright future for cryptocurrency. Only time will reveal if the crypto community can successfully shape policy and safeguard the industry’s trajectory.