Coinbase launches nonprofit to advance crypto legislation

Cryptocurrency exchange Coinbase is launching a nonprofit organization to advance pro-crypto policy around the world. 

The Stand With Crypto Alliance will prioritize supporting and advancing legislation in the US that promotes access and innovation within the industry. The Alliance is a 501(c)(4) organization under the Internal Revenue Service, meaning it is an exempt social welfare group. 

The current discussion around crypto policy is in Washington DC between centralized players and other big groups, Kara Calvert, Coinbase’s head of US policy, said Monday during a Twitter Spaces event. But the Stand With Crypto Alliance hopes to bring new voices into the picture. 

“[The Alliance] completely embodies exactly what the crypto industry is all about,” Calvert said. “It’s all about decentralized efforts, decentralized power, decentralized access, and that’s I think really what this Stand With Crypto movement is about.” 

The announcement that a nonprofit organization will be created comes shortly after the exchange hosted its inaugural “stand with crypto” town hall in New York City. The event featured a panel discussion with local-level and federal lawmakers and advisors from New York, an effort Coinbase said would help advance conversations between the industry and government.  

“This is a grassroots, organic bottom-up effort, and we’re really excited that we can spin this out into its own organization,” Calvert said. “It can provide a lot of tools to people, they can learn about the members of Congress, they can access a scorecard, they can access a legislative action portal…it will really give them the tools that they need to engage with their members of Congress.” 

Coinbase is one exchange of several currently facing charges from the Securities and Exchange Commission over alleged broker and clearing violations. Last week several groups and individuals, including US Senator Cynthia Lummis, R-Wyo, and top US law scholars from institutions including Yale and UCLA weighed in via an outpouring of amicus briefs filed with the court. 

“Grateful for the support from so many outstanding groups and individuals who understand that the rule of law, fair process and our national security are at stake,” Coinbase chief policy officer Faryar Shirzad wrote in a tweet last week in response to the briefs. 

Those looking to join the Stand With Crypto Alliance can sign up now through Coinbase. Advocates are encouraged to contact legislators and donate to the cause.

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