Nothing is stopping Coinbase (COIN) .
The most popular platform for buying and selling Bitcoin (BTC) and other cryptocurrencies in the United States remains committed to driving mass adoption of the crypto industry.
To achieve this, the company is already targeting the masses directly with ads that air during major sporting events. Last February’s Super Bowl 2022 commercial was one of the most talked about on social media. Now bouncing in retro style, the QR code caused quite a stir.
A score card
But the platform also knows that seducing the high street isn’t enough. In fact, Coinbase has targeted lawmakers passing legislation that will govern the future of cryptocurrencies. It uses classic lobbying campaigns such as donations for political campaigns.
But Coinbase has just innovated by deciding to pressure politicians by going straight to their constituents and potential constituents. As the November midterm elections approach, the platform will allow its users to see which lawmakers are crypto-friendly and which are neutral or anti-industry.
This has added a new tool to the Coinbase application that users can consult directly to find out if their representative is an advocate for the fledgling industry. It’s a scorecard for the crypto community to put pressure on their elected officials.
“Starting today, Coinbase will begin to integrate our crypto policy efforts directly into our app,” CEO Brian Armstrong recently announced on Twitter. “These will help our 103 million verified users learn about the crypto positions held by political leaders where they live.”
“For example, US users can see crypto sentiment scores from members of Congress based on publicly available statements they have made, register to vote, and learn about local town hall events,” Armstrong added.
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Members of Congress are therefore ranked according to their attitude towards crypto. The ratings take into account different elements, ranging from A for crypto-friendly lawmakers to F for those against the industry.
Coinbase relies on the Crypto Action Network (CAN), which just issued a testimony from the outgoing Congress. The platform is one of CAN’s funders.
Support crypto-friendly candidates
CAN assessed the legislators on the following criteria: sponsored and/or co-sponsored legislation; positive or negative public statements; selected cryptocurrency votes; positive or negative comments related to cryptocurrencies; Letters of Congress with positive or negative cryptocurrency; Crypto Caucus membership and their willingness to host crypto-focused events and accept crypto donations for their campaigns.
“Based on our methodology, Senators Ted Cruz (R-TX), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), Rob Portman (R-OH), Pat Toomey (R-PA) and Ron Wyden (D-OR) all received ‘A’ grades,” CAN said. “In the House of Representatives, 24 members received ‘A’ grades.” Most members of Congress, more than 70%, received “incomplete” grades because they have little or nothing left to say about cryptocurrency policy, according to CAN.
Ultimately, Coinbase wants to leverage this feature to allow pro-crypto candidates to raise funds for their campaigns. And also wants to make it a permanent means of pressure for crypto fans and investors on politics.
“Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We will also expand to have greater geographic coverage in global elections and add data on various candidates running for office (not just current elected officials),” Armstrong said.
Coinbase is trying to rally the crypto community, which has become a “major constituent,” to “engage elected leaders and push for common-sense policies.”
The unveiling of this new lobbying tool comes amid growing calls for strict surveillance of cryptocurrencies following a series of scandals that contributed to the current market crash.
The collapse of sister tokens Luna and UST in May caused a liquidity crisis that forced hedge fund Three Arrows Capital into liquidation and prompted prominent crypto lenders like Celsius Network and Voyager Digital to file for Chapter 11 bankruptcy.
Retail investors lost tens of billions of dollars from their savings, while institutional investors had to write off their digital asset portfolios.