As regulators around the world attempt to oversee the use of cryptocurrencies, officials are rigid in designing policies to suit the burgeoning technology. And ever-changing government rules have become a critical issue for crypto enthusiasts. In order to address this issue, Coinbase plans to include a policy section in its app.
Brian Armstrong, Founder and CEO of Coinbase, announcement September 14, Coinbase incorporates User Rights in Control of Crypto Rules and U.S. Member Position on Crypto in its Legislative Action section. This will help the 103 million customers learn about the crypto stance of politicians, accessible to verified Coinbase users.
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While introducing the new political feature, the CEO added on a Twitter thread;
US users can view crypto sentiment scores of members of Congress based on public statements they have made, register to vote, and learn about local town hall events.
The policy section of Coinbase will also use data collected by a non-profit company, Crypto Action Network. The blockchain information gathering company aims to improve the security and growth of cryptocurrency. It uses dashboards for members of Congress on their behavior towards crypto. The handing over of ratings to politicians is based on recorded public statements and actions. Similarly, Coinbase will feature the Politician’s Crypto Scorecard having ratings ranging from A to F.
Coinbase goes political to drive regulations in favor
The move comes after the crypto market crash, rise in illicit transfers, and inflation warmed lawmakers. While other crypto exchanges have hired ex-regulators and lobbyists to help design preferred policies, Coinbase has onboarded politicians to educate people as authorities around the world plan to release new rules.
Defending crypto is very important to our mission to increase economic freedom around the world, and Coinbase will do its part to help. But the crypto community is much bigger than Coinbase – hopefully we can all come together to engage elected leaders and drive sensible policies.
The leading cryptocurrency has also backed a lawsuit against the Treasury Department’s Office of Foreign Asset Control (OFAC) over its ban on Tornado Cash. Six sanctioned users who had problems with their blocked funds due to a sudden ban on a privacy mixing tool have filed this complaint against officials. The plaintiffs wanted the court to lift the ban as soon as possible, but that doesn’t seem to be happening anytime soon.
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After a few days of trial, officials observed that many legitimate users had lost access to their legal money. So OFAC recently announced a way for legitimate users to withdraw funds. However, they will first need to obtain a license from the authority to legally interact with a now blacklisted app accused of facilitating the illicit transfer of money.
Featured image from Pixabay and chart from TradingView.com