Coinbase is set to lobby for a major change in the crypto sector. It will be going ahead with this on Wednesday to cause DC to make changes, hopefully. However, Coinbase support might be too late to enact such a change, for the current year at least. Lawmakers may not be willing to go ahead with such a shift.
They are financing as many as 50 different crypto officials to push for this change to get them to DC. It also set up a group to advocate for such a move recently, the “Stand With Crypto Alliance”. Several crypto founders will be present for an SEC hearing on crypto. The SEC chair believes the crypto industry is filled with unfair practices. Coinbase is among one of the firms he is accusing of using illegal means. The company has denied any Coinbase scam and is battling out its defence in courts against the SEC.
Coinbase wants to show that they are actively pushing for innovation in regulating the crypto industry. They do not want the public to see them fighting off lawsuits. This would, understandably, give off quite a bad impression of the firm and Coinbase’s status in the industry.
There have already been active moves by some to push for new legislation surrounding crypto. Some committees in the House have already been proposing new rules. SEC officials say that they believe the move is very likely to get approval. However, they also say that these rules may not come into effect until next year.
Therefore, Coinbase support may not be at the right time for this push. While it might help pass the legislation, it will have no practical effect on the industry for a while. Moreover, there are worries among lawmakers in the government about a shutdown coming soon. This could further delay any possible moves for crypto regulation.
