a new tool to promote pro-crypto politicians?

Coinbase has rolled out a new tool on its app that allows users to learn how their elected officials view cryptocurrencies. The tool aims to help exchange customers connect with US lawmakers and potentially influence how they vote on matters related to crypto and blockchain industry legislation. .

The launch comes nearly two years after Coinbase banned its employees from discussing and discussing political issues at work, prompting some media outlets and commentators to decry the exchange’s hypocritical stance.

However, the ban on internal political discussions was arguably a step to protect company harmony from disputes between employees, while the new feature aims to put external pressure on politicians to promote policy. This observation has therefore led some industry observers to endorse this latest initiative from Coinbase.

Coinbase Wants Users To Support Pro-Crypto Lawmakers

Announcing the launch of the new feature on Twitterthe CEO of Coinbase, Brian Armstrong, explained that it addressed all of its verified users, which is 103 million. He added that the aim was to provide users with information about the crypto holdings of political leaders where they live.”

The goal is to make Coinbase users an active political demographic that can encourage and pressure US lawmakers to support pro-crypto laws and regulations. Armstrong even revealed that the exchange ultimately aims to “help pro-crypto candidates solicit donations from the crypto community (in cryptocurrency).

Coinbase also plans to eventually roll out the feature to other jurisdictions outside the United States: Armstrong added that the exchange “will also expand to achieve greater geographic coverage in global elections.”

An ambitious initiative of this magnitude is rare, not just for a crypto exchange, but for any type of publicly traded company. And given the exchange’s desire to turn its users into a political force, it has led some observers to make accusations of hypocrisy.

Some reviewers have even gone so far as to suggest that this feature portrays Brian Armstrong himself “banning” opinions he doesn’t share in order to promote those he agrees with. That is the view of the skeptic Bitfinex’ed, who seems to suggest that Armstrong and senior executives at Coinbase want to suppress liberal and left-wing policies first.

On the other hand, prominent figures active in the crypto sector see the move as positive for the industry, as it should ultimately lead to more industry-friendly legislation being passed. And in a climate where various legislators regularly advocate strict regulation of the sector, such legislation is arguably necessary.

The Regulatory Void

Coinbase’s decision should be read in the current political context, where the wider adoption of cryptocurrencies is arguably hampered by the lack of clear and unambiguous regulation. This is particularly the case with regard to whether most cryptocurrencies are securities, an issue currently being contested in the ongoing legal battle between Ripple and the DRY.

According to a study, it is this uncertainty that prevents institutional investors and hedge funds from investing in the crypto market. As such, Coinbase’s decision – despite its superficial inconsistency with the company’s internal policies – should be welcomed by the industry, as it could ultimately prove a necessary factor in turning the tide in favor of crypto.

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