Coinbase Lobbying Efforts Hit Mixed Results as Cryptocurrency Fails to Make Debate Agenda
Coinbase crypto lobbying efforts, including the “AMERICA ❤️CRYPTO” campaign, faced setbacks as attempts to bring cryptocurrency into the Harris-Trump debate failed, despite increasing political engagement.
Coinbase ongoing lobbying efforts to increase cryptocurrency’s presence in U.S. political discourse continue to deliver mixed results. As part of the “AMERICA ❤️CRYPTO” campaign, buses displaying the message toured five key swing states in the lead-up to the Harris-Trump presidential debate. The goal was clear: to politically engage the crypto community and push cryptocurrency onto the national stage.
However, despite its visible lobbying campaign, Coinbase efforts to have cryptocurrency discussed during the debate fell short. According to a CNBC report, the Coinbase-led Stand With Crypto Alliance submitted a petition to ABC News five days before the debate, urging the moderators to ask the candidates their stance on cryptocurrency. The petition highlighted that 52 million Americans are invested in crypto and requested a clear position from both candidates on how they see cryptocurrency fitting into the American economy.
Online advertising service 1lx.online
Despite the push, no cryptocurrency-related questions were asked during the debate. Coinbase’s Chief Legal Officer, Paul Grewal, took to social media platform X, jokingly noting that the crypto question “wasn’t invented,” acknowledging the failed petition.
Coinbase lobbying efforts, however, extend far beyond a single debate. Data reveals that the cryptocurrency industry has contributed over $119 million to federal campaigns, with roughly half of all donors coming from the crypto sector. In the last seven years, crypto lobbying expenses have surged by 1386%, with nearly 60% of this expenditure occurring in just the last two years, reflecting the industry’s growing political clout.
Coinbase, in particular, has significantly ramped up its lobbying expenses. The exchange increased its spending by an astonishing 3475%, rising from just $80,000 in 2017 to $2.86 million in 2023. The majority of this spending—74%—has taken place in the past two years as the industry faces mounting regulatory challenges.
Despite this spending surge, Coinbase lobbying efforts have been met with skepticism from both sides of the political aisle. Democrats express concerns that the industry is increasingly aligning with Donald Trump and his supporters, while Republicans fear that supporting Kamala Harris or other Democratic candidates might alienate traditional GOP allies. This tension is compounded by the Biden administration’s cautious stance on cryptocurrency.
As the political landscape shifts, it remains to be seen whether Coinbase substantial investments in lobbying will yield the desired influence over U.S. cryptocurrency regulations.
Our creator. creates amazing NFT collections!
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)
Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.
Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).
Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)
Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)
