Coinbase Exchange Launches Stand with Crypto Alliance, an Independent Pro-Crypto Advocacy Group
Coinbase has announced the launch of a crypto advocacy group tasked with promoting the interests of the crypto community.
Dubbed Stand with Crypto Alliance, the independent nonprofit organization aims to mobilize support for legislation that would create a regulatory framework for digital assets in the US.
“I think a few politicians are seeing crypto as an easy shot to take,” Faryar Shirzad, Coinbase’s chief policy officer, told CNN Business in a recent interview.
“I don’t think they have fully understood the passion and the community behind it.”
The primary goal of the organization is to bridge the gap between the crypto community and US regulators, who have often clashed over how the industry should be regulated.
The relationship between the crypto industry and the US government has been tumultuous, particularly in recent times.
The recent collapse of some high-profile crypto companies, including major exchanges like FTX and crypto lenders Celsius Network and Three Arrows Capital, has prompted regulators and lawmakers to adopt a stricter stance toward digital assets.
One of the main points of contention lies in how crypto tokens should be regulated.
The Securities and Exchange Commission (SEC) asserts that most crypto products should be treated as investment contracts, falling under their jurisdiction.
On the other hand, the crypto industry vehemently opposes this argument.
Last month, a US court also ruled in favor of the crypto community in the ongoing lawsuit brought by the SEC against Ripple, claiming that selling XRP (XRP)on exchanges in itself does not constitute an investment contract.
The ruling, issued by the District Court for the Southern District of New York, stated that the “offer and sale of XRP on digital
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