Future

Cryptocurrency

United

Million

<p>The fate of cryptocurrency innovation and adoption in the United States rests on a knife's edge. Coinbase, the largest US-based <a href="https://btcpeers.com/what-is-the-best-cryptocurrency-to-invest-in/" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange, has launched an urgent campaign to mobilize the nation's over 50 million cryptocurrency owners to demand clear and sensible legislation from Congress.</p> 
<p>With cryptocurrency going mainstream, the confused and restrictive approach of US regulators puts the country at risk of falling behind in financial technology leadership. Vague guidelines, aggressive enforcement actions and threats of criminal prosecution have created an environment of fear and uncertainty, stifling American innovation.</p> 
<p>Meanwhile, cryptocurrency ownership continues to grow, especially among younger generations. The majority call for an updated financial system that is more fair, distributed and inclusive. But will politicians listen and take action? Or will America lose its technological edge?</p> 
<h2 id="young-diverse-crypto-owners-demand-updated-financial-system">Young, Diverse Crypto Owners Demand Updated Financial System</h2> 
<p>Extensive data gathered by Coinbase reveals that America's over 52 million cryptocurrency owners are younger and more diverse than the general population. A full 60% are Millennials or Gen Z, compared to only 35% of the total US population. Further, 41% are racial minorities, versus just 29% overall.</p> 
<p>Perhaps most telling, 75% have an annual income under $100,000. This shows cryptocurrency's appeal across economic lines, not just to wealthy elites.</p> 
<p>Surveys confirm younger generations see digital assets as the inevitable future of finance. One poll this fall in four battleground states found 55% are less likely to vote for anti-crypto candidates.</p> 
<p>Coinbase CEO Brian Armstrong summarized the opportunity:</p> 
<blockquote>
  “We have a chance to update our financial systems to be more fair, more distributed, and more inclusive.” 
</blockquote> 
<p>The time has come for politicians to listen to the growing constituency of younger, diverse Americans seeking financial innovation. Outdated laws should not constrain advanced technology.</p> 
<h2 id="the-threat-of-falling-behind">The Threat of Falling Behind</h2> 
<p>While American regulators crack down on cryptocurrency, other nations race ahead embracing it. The European Union is currently finalizing comprehensive legislation to provide regulatory clarity.</p> 
<p>Many experts argue this policy leadership threatens America's standing. The confusion and hostility from US agencies, especially the Securities and Exchange Commission (SEC), drives entrepreneurs and companies to more welcoming jurisdictions.</p> 
<p>Stories abound of crypto startups relocating operations to countries like Switzerland, Singapore and the United Arab Emirates. Job losses mount as innovation shifts overseas.</p> 
<p>Coinbase itself recently moved significant assets to its Irish subsidiary as a defensive move against the SEC. The agency seeks to sue the exchange just for allowing Americans to trade digital tokens deemed securities.</p> 
<p>This heavy-handed regulatory approach needs urgent reform. Forward-looking rules can unleash American innovation while still protecting consumers.</p> 
<h2 id="mobilizing-millions-to-reform-outdated-policies">Mobilizing Millions to Reform Outdated Policies</h2> 
<p>To shake up the status quo, Coinbase has launched an advocacy campaign targeting key states and politicians. The Stand With Crypto Alliance will mobilize citizens to demand clear legislation.</p> 
<p>Cryptocurrency owners in states like California, Arizona, Wisconsin and Georgia can influence upcoming elections. Calling and writing Congress members in support of reform makes change possible.</p> 
<p>The grassroots movement has already attracted over 100,000 activists since starting in August. But Coinbase aims to eventually mobilize a full 10% of the 52 million American crypto owners.</p> 
<p>Even one million vocal supporters would transform the political calculus around cryptocurrency regulation. New pro-innovation voting blocs could finally pressure reluctant lawmakers to act.</p> 
<h2 id="time-for-principled-leadership-on-financial-innovation">Time for Principled Leadership on Financial Innovation</h2> 
<p>The confusion plaguing cryptocurrency regulation stems from shoehorning novel digital assets into 1930's laws governing stocks and bonds. America needs tailored legislation for this transformative technology.</p> 
<p>The bipartisan Future of Financial Innovation and Technology (FIT) Act provides a starting point. Updating the Commodity Futures Trading Commission's purview for cryptocurrency supervision simply makes sense.</p> 
<p>Of course, the devil lies in the details. But Congress can craft balanced rules if principled leaders on both sides work together. Bipartisan courage to update outdated laws is not impossible, but rare.</p> 
<p>Will politicians rise to the occasion and seize the opportunity? Or will America lose its lead in technological innovation? The potential is immense, but the window for leadership is closing fast.</p> 
<p>Clear and forward-looking cryptocurrency legislation in the US would unlock a wave of economic growth and job creation. It would secure America's financial leadership for decades to come.</p> 
<p>Young people of all backgrounds believe digital assets represent the future. Politicians who ignore this constituency do so at their peril. The time for updated financial regulation is now.</p> 
<h2 id="how-can-better-legislation-unleash-crypto-innovation">How Can Better Legislation Unleash Crypto Innovation?</h2> 
<p>America has been at the forefront of technological innovation for generations. Cryptocurrency represents the next wave of financial progress. But confusion over applying outdated securities laws is holding the country back from leading this new era.</p> 
<p>Tailored legislation can provide regulatory clarity while protecting consumers and maintaining US competitiveness. Updating guidelines for digital asset supervision would enable entrepreneurs to build the next generation of financial products right here rather than fleeing overseas.</p> 
<p>With sensible rules, not enforcement actions, America can foster innovation and grow jobs in the emerging field of decentralized finance. Clear policy frameworks in Europe and Asia make those regions more attractive for crypto businesses today. But the US can modernize quickly if lawmakers summon the vision and courage.</p> 
<h2 id="what-role-should-the-sec-play-in-crypto-regulation">What Role Should the SEC Play in Crypto Regulation?</h2> 
<p>The Securities and Exchange Commission (SEC) has significantly overreached in attempting to regulate cryptocurrency, which does not neatly fit the SEC's mission. Shoehorning digital assets into 1930's securities legislation creates confusion. And aggressive enforcement actions penalize innovation without protecting consumers.</p> 
<p>The bipartisan FIT Act proposes limiting the SEC's jurisdiction over cryptocurrency. Supervision would shift to the Commodity Futures Trading Commission, which has greater expertise over assets like commodities. This aligned oversight role would allow appropriate protection while enabling innovation.</p> 
<p>The SEC should adopt a more modest stance - assisting other agencies rather than dominating cryptocurrency policy. Its perspective certainly merits consideration when designing legislation. But crypto requires tailored regulation, notkeras overreach. New tailored legislation can unleash American innovation while protecting consumers.</p>

The Future of Finance Hangs in the Balance as Coinbase Mobilizes 50 Million Crypto Investors

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