COIN rallies by 10% as Coinbase launches crypto advocacy campaign in United States
|- Coinbase intends to advance pro-crypto policy across the country using the crypto community.
- The campaign titled "Crypto435" suggests reaching out to specific politicians and making their voices heard.
- Coinbase's stock COIN reacted positively to the news as, by the closing bell, the value of the asset shot up by 10%.
Despite being around for almost 15 years, the crypto market is still considered to be in its infancy, given the lack of clarity around its regulation. This has also led to many believing the regulatory authorities' decisions to be rather uninformed or misconceived. As a result, the second largest cryptocurrency exchange, Coinbase, has taken the onus to change that going forward.
Coinbase to give crypto a voice
Coinbase on Tuesday launched a cryptocurrency advocacy campaign that it states will be aimed at advancing pro-crypto policy. Targeting all 435 Congressional Districts across the United States, the campaign is said to be powered by the community itself.
In order to reach the regulators and legislators, Coinbase stated that it would empower the community with information regarding contacting specific politicians. The company also stated that it would be providing information regarding the politicians’ stand on crypto.
According to the crypto community, the rampant regulation and lack of clarity affect companies, jobs and the future of development of the crypto industry. Coinbase's grassroots campaign plans on addressing those issues and also influencing laws and policies, as well as educating Americans about crypto and promoting innovation and protecting jobs.
Talking about the same, Coinbase tweeted at the campaign's launch,
"The crypto community has reached an important moment. Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto. We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom."
The crypto community seemed to be in support of this campaign, with many counting on cooperation and participation from the community to make this happen. How well that works out is yet to be seen.
Worked out well for COIN though
The launch of the campaign certainly had an impact on the crypto exchange, even if it didn't impact the crypto market yet. Coinbase's COIN could be seen trading at $64.95 minutes before the closing bell on Tuesday as its value shot up by more than 10%.
COIN 1-day chart
If this rise sustains, COIN will be able to rejuvenate the rise that it witnessed at the beginning of this year. The 142.44% growth was minimized slightly by 40.76% at the beginning of February but could recover soon. This is crucial for COIN if it intends to recover the 69% losses it witnessed in the second half of the year.
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