As regulators around the world seek to oversee the use of cryptocurrencies, they are strict about designing policies appropriate for emerging technologies. And ever-changing government regulations have become a serious issue for cryptocurrency enthusiasts to comply with. To tackle this issue, Coinbase plans to include a political section in its app.
Coinbase founder and CEO Brian Armstrong announced On Sept. 14, Coinbase announced that it was integrating user rights into its crackdown on cryptocurrency rules, and its US members’ stance on cryptocurrencies into legislation. This will help educate the 103 million customers on the politicians’ stance on cryptocurrency, which Coinbase’s verified users have access to.
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In introducing the new political feature, the CEO added in a Twitter thread:
US users can see crypto sentiment scores from members of Congress, register to vote, and learn about local Town Hall events, based on publicly available statements made by members of Congress.
Coinbase’s political arm also utilizes data collected by the nonprofit Crypto Action Network. A blockchain aggregator company aims to improve the security and growth of cryptocurrencies. It draws on the scorecards of members of Congress for their actions against crypto. Providing grades to politicians relies on recorded public statements and actions. Similarly, Coinbase features a cryptographic scorecard of politicians with grades from A to F.
Coinbase Gets Political To Support Regulation
The move comes after a crash in the cryptocurrency market, rising illegal remittances and inflation sent lawmakers into a frenzy. While some other cryptocurrency exchanges have hired former regulators and lobbyists to help design favorable policies, Coinbase united politicians to educate people and allow authorities around the world to create new We are planning to issue a rule.
Advocating for cryptocurrencies is critical to our mission to increase economic freedom in the world, and Coinbase does just that. But the crypto community is much bigger than Coinbase. Hopefully, we can all come together to engage with our elected leaders and advance sensible policies.
The major cryptocurrency also backed a lawsuit against the Treasury Department’s Office of Foreign Assets Control (OFAC) over a Tornado Cash ban. 6 users affected submitted This complaint against officials. Plaintiffs hoped the court would lift the ban as soon as possible, but that doesn’t appear to be happening anytime soon.
Days after the lawsuit, officials realized that many legitimate users had lost access to their legitimate money.So OFAC recently announced How legitimate users can withdraw their funds. But first, it needs to obtain a license from the authorities to legally interact with the now blacklisted application that has been accused of facilitating illegal money transfers.
Featured image from Pixabay and chart from TradingView.com