Coinbase Adds Crypto Policy Integration
Coinbase hopes to elevate pro-crypto politicians as regulatory battles heat up
Blockworks exclusive art by axel rangel
key takeaways
- Coinbase hopes to help fund pro-crypto candidates in cryptocurrencies
- Coinbase users can now register to vote through the app
In a first for a cryptocurrency exchange, Coinbase moved on Wednesday to showcase relevant political updates to users via its app.
Coinbase executives positioned the maneuver as a means to elevate the voices — and potential digital asset legislation and regulatory rulemaking — of influential politicians who have been friendly to digital assets.
Via a news feed-like structure, users can now scroll to see how different legislators are thinking about digital assets. Eventually, the exchange hopes to help pro-crypto candidates accept crypto donations, CEO Brian Armstrong tweeted.
The sentiment scores are compiled “based on publicly available statements,” Armstrong wrote.
Users can also register to vote and find information about local town hall events through the app. In the future, Armstrong said the company plans to incorporate relevant political matters globally, as well as parse voting data on candidates running for office and current elected officials.
The data that is currently public is in part supplied by an organization Coinbase supported, Armstrong said, the CryptoActionNetwork.
The features come as interest in policy heats up in crypto. Leaders in the space have been building their policy and compliance teams in an effort to prepare for impending regulation.
Coinbase recently moved to fund a US federal lawsuit against the Office of Foreign Asset Control surrounding sanctions suddenly slapped on crypto mixing service Tornado Cash. The exchange is also in the midst of fighting its own regulatory battles as concerns about token classification continue to mount.
“Crypto advocacy is very important for our mission of increasing economic freedom in the world, and Coinbase will do its part to help,” Armstrong said. “But the crypto community is much bigger than Coinbase — hopefully we can all rally to engage elected leaders and drive sensible policies.”
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