Coinbase’s “Stand with Crypto Alliance” rates US lawmakers’ cryptocurrency stances and policies through labeling. Those ranked range from “strongly against,” like Sen. Elizabeth Warren, to “strongly for,” like Rep. Josh Gottheimer. The move is aimed at influencing digital asset regulation as the exchange fights an SEC lawsuit over securities law violations.
Not all legislators are alike when it comes to the issue of cryptocurrencies and blockchain. Now a new campaign, Stand with Crypto, has made it easier to see which elected representatives in the United States are an ally of the industry.
On Monday, Coinbase announced the launch of the Stand with Crypto Alliance, a lobby group of industry members and supporters. The website encourages visitors to contact their representatives in Congress and advocate for the industry.
Coinbase Seeks to Increase Pressure on Politicians
As the world’s second largest exchange and the world’s largest publicly traded exchange, Coinbase has a lot of influence. Now he is ramping up the pressure on US politicians after a year characterized by high-stakes debates over regulation.
One of the features of the campaign website is a tagging system that designates lawmakers based on their support for the industry. Politician profiles redirect to Coinbase website. The website sets out the criteria for its crypto sentiment rankings. For crypto watchers, some scores will come as no surprise.
Elizabeth Warren Named “Strongly against”
Democrat Elizabeth Warren, the junior senator from Massachusetts and a left-wing agitator, has made a name for herself in the industry for her stances against cryptocurrency. The bill gives Senator Warren a rating of “Strongly Against”.
However, Warren has never been completely against digital currencies. The 74-year-old previously advocated for a Federal Reserve-backed digital currency to remove many of his risks.
Unsurprisingly, many within the crypto community who value decentralization did not find it fun. It may surprise some to learn that several of the top scorers belong to the same party as Warren. They are not stereotypical pro-business Republicans. But the Democrats who want to encourage innovation.
Another politician mentioned is Rep. Josh Gottheimer, a Democrat from New Jersey’s 5th District. The project classifies the 48-year-old as “Very supportive,” its highest rating.
As stated on the website, Gottheimer has sponsored two failed initiatives for the blockchain industry. They include a bill authorizing the development of a national strategy for blockchain research and development, and a bill designating crypto tokens as non-securities.
New York Rep. Torres Supports Crypto
Another leading scorer is Gottheimer’s colleague in Congress, Ritchie Torres, a Democrat representing New York’s 15th district. The website labels Torres “Very supportive,” citing four recent statements of his that leave little doubt about his views.
Cryptocurrencies can help immigrants avoid exploitation, Ritchie Torres posted on X:
“Immigrants often pay predatory fees to send remittances to loved ones abroad. #Crypto has the potential to create a better, cheaper and faster payment system. My mission is to make the crypto revolution work for the lowest income Americans.”
However, the website did not give each politician a ranking if there was not enough data to compile a score.
Coinbase is understandably interested in helping influence regulation around digital assets. On June 6, the Securities and Exchange Commission announced that it was suing the exchange for violating securities laws. Coinbase asserts that the assets on its platform are not securities and that the SEC is overreaching.
By Audy Castaneda
