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Coinbase Pushing to Elect Pro-Crypto President in Upcoming U.S. Elections

Last Updated September 20, 2023 3:27 PM
Omar Elorfaly
Last Updated September 20, 2023 3:27 PM

Key Takeaways

  • Coinbase launched the “Stand With Crypto” campaign to support pro-crypto presidential candidates.
  • The exchange says it will focus on four swing States: New Hampshire, Nevada, Ohio, and Pennsylvania.
  • Coinbase wants to focus on States where residents use remittances to transfer funds to families offshore.

The biggest US-based crypto exchange by trading volume, Coinbase, has had an eventful 2023 so far. Coinbase has been facing litigations by the regulating body overseeing crypto in the US, the US Securities and Exchange Commission (SEC), over allegations of trading in unregistered securities.

Moreover, the exchange managed to hedge its future on collaborations with Wall Street giants such as BlackRock by being named as a surveillance partner on multiple ETF applications filed with the same regulating body.

Lastly, Coinbase launched its own blockchain, BASE, on which token developers may deploy their products. However, BASE has been in the headlines due to several instances of hacking and scam attacks.

Naturally, Coinbase would like to see a regulatory future that permits further development of the crypto industry, an issue many US-based exchanges deal with due to the tight control of the SEC on the sector.

For that reason, the exchange is attempting to provide extra support to pro-crypto presidential candidates in the 2024 elections.

Stand With Crypto

Coinbase launched the “Stand With Crypto” campaign which focuses on nine States in the US, including four “swing States” where voters are less likely to choose anti-crypto presidential candidates.

According to the company’s blog , New Hampshire, Nevada, Ohio, and Pennsylvania are the four swing States to be the prime focus of the campaign.

“Polling in the fall of 2022 showed that in the key states of NH, NV, OH, and PA, over half (55%) of voters stated that they would be less likely to vote for candidates who oppose crypto and Web3,” said Coinbase

A poll conducted on 800 candidates by Morning Consult states that between 13–19% of respondents in the four States claimed to own cryptocurrencies at the time of the polling.

The study also reports that “In the swing States we surveyed, these “Web3 Voters’” lean slightly Democratic, but this issue remains largely bipartisan. On the whole, Web3 Voters believe a decentralized, democratized internet represents economic opportunity, and they see Web3 as a positive alternative to Big Tech platforms.”

Polls show crypto supporters are bipartisan, young, and often of color.

Coinbase uses data polls to support pro-crypto presidential candidates
Polls show voters in swing states want to elect a pro-crypto president

However, “these Web3 Voters have limited faith in the government’s ability to build an appropriate regulatory approach for web3.”

Perhaps the most interesting finding in the poll shows that crypto supporters are bipartisan, showing allegiance to both Democratic and Republican parties.

Coinbase Helps to Transfer Money Offshore

The exchange utilizes further data from the poll showing that “31% of Web3 Voters are people of color compared to 15% of all voters.” Furthermore, the company realized that many crypto users send remittances to families overseas, a sector Coinbase wants to focus on, as crypto takes less time and fewer fees to achieve the goal.

Polls show crypto supporters are bipartisan

Stand With Crypto Day

Coinbase said it plans to organize a “Stand With Crypto Day” set for September 27 in Washington D.C. to call for better crypto regulations.

“Today we kick off this effort by rallying the collective energy of the community, and taking the fight off X (formerly known as Twitter) and on to the phones,“ says the company blog post, adding “The campaign will encourage crypto owners and supporters to take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation.”

 

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