The event, called 'Stand With Crypto Day,' is one of the industry's biggest attempts in a while to convince lawmakers new rules are needed.
Coinbase Global on Wednesday is spearheading one of the biggest lobbying pushes the crypto industry has tried in a while, an effort to build support among lawmakers to pass new rules for the industry.The crypto trading platform is calling the event “Stand With Crypto Day” and is taking a multipronged approach. Coinbase is helping to pay to fly more than 50 crypto company executives to Washington, D.C., to lobby lawmakers, according to people familiar with the matter.
“The idea is to show that there’s a lot more happening out there than crypto companies getting sued,” Coinbase Chief Legal Officer Paul Grewal said in an interview this week. So far, there hasn’t been the level of interest among Senate Democrats or the White House for the bill, called the Financial Innovation and Technology for the 21st Century Act, to move into law.
“The current climate is not particularly great around Web3 and in particular crypto,” said Peck, referring to the catchall phrase for innovations around crypto, blockchain, and other technologies that supporters say could provide the foundation for an improved internet. “For us, certainly we’ve had to be careful in terms of what partners we engage with.”
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