Shares of Coinbase closed up 7.56 percent at $61.07 on Monday.
The leading publicly traded crypto exchange in the United States by daily trading volume, Coinbase Global Inc (NASDAQ: COIN) has experienced astronomical growth over the years compared to the traditional banking sector. In addition, four regional banks in the United States have collapsed this year, most of which have already been absorbed by larger banks. However, the United States government led by the Biden administration has pushed to regulate the cryptocurrency industry in such a way that they all pay higher taxes. For example, the United States seconds has argued that all crypto assets except Bitcoin are unregistered securities.
This week, DC will watch a new TV campaign that explains how crypto drives America forward and why it is the most important technology we have to create greater economic freedom.
It’s time to update the system.
Crypto can help.learn more on https://t.co/6Hf1DAqeIV pic.twitter.com/hmAQuNiA34
– Coinbase 🛡️ (@coinbase) May 22, 2023
Additionally, the SEC has argued that crypto-staking products are also unregulated products. Recently, the Biden administration through the 2024 federal budget, proposed a Digital Asset Mining Energy (DAME) proposal to impose a 30 percent tax on crypto miners, in order to control the impact on the environment. However, crypto proponents have argued that the Biden administration is chasing away investors in the nascent technology in other global-friendly markets such as Europe, the UAE and Asia.
Coinbase Fights For Crypto In America
Coinbase has taken several legal measures to ensure that United States regulators are well informed about the role of crypto in the future of the country’s financial system before formulating and implementing any policy changes. In recent developments, Coinbase has launched a television campaign advertisement in the nation’s capital Washington DC to explain the importance of crypto in the country’s economic reforms.
“We are running a TV campaign in DC this week to explain why crypto is the single most important technology to update America’s financial system. There is a lot of policy work to be done to make sure America is not left behind. Are. Brian ArmstrongCoinbase CEO noted,
Specifically, Armstrong described crypto as a technology that has the potential to update the country’s financial markets in the same way that 5G networks did for internet connectivity. As a result, the crypto billionaire urged US regulators to act fast as other countries embrace the industry for good.
“Fundamentally, crypto is not a financial product. It is a technology that can update all kinds of financial products. It can improve settlement times. It can make sending money overseas to your family in another country could be cheaper. Whatever you think about it, it’s not going anywhere. It can’t be invented,” Armstrong where did it go,
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Coinbase and the rest of the crypto community in the United States are pushing the SEC to avoid regulating the industry through enforcement. Furthermore, the US crypto community has argued that new laws are needed to regulate the nascent industry in order to avoid chasing investors abroad. SEC, on the other hand, through the Chairman Gary Gensler has argued that existing securities laws will be applied to the crypto market even if the technology is deregulated.
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