Coinbase launches campaign; Visa’s crypto products continue

According to a tweet thread posted on February 28, 2023, Coinbase has begun a grass-roots political campaign in support of crypto-friendly regulations. The company has announced a new initiative called #Crypto435 with the goal of growing the crypto advocacy market and sharing tools and resources. This is to allow crypto users’ views to be heard in all 435 judicial districts.

Coinbase sent interested parties a form where they can submit their contact details to learn more. Those who sign up for the service will supposedly be given data about how to contact various politicians in their local districts. They will also have info on what those politicians’ histories on crypto are, and tips on having your voices heard.

‘A turning point for the crypto and casino crypto industry has arrived. The future of how we can create, acquire, sell, and utilise crypto is being decided by lawmakers and regulators in Washington, DC and around the country’, Coinbase stated.

Twitter users’ reactions to the news were divided. Statements like ‘crypto is what we can all come together to support’ and ‘excellent stuff Coinbase’ were among the many expressions of approval for the decision. 

Despite the support, some users believed that after the SEC classified Ripple (XRP) as a security, Coinbase should not have delisted the coin. It was believed by many that doing so would be conflicting with its stated aim of resisting tyranny.

Aside from minor tax provisions, the United States Congress has not passed any laws outlining what crypto is or defining how precisely crypto firms can comply with the regulation. In contrast, Singapore’s government has created a regulation that spells out in detail what is needed to launch a crypto firm in the country.

Despite differences, crypto regulation is still an ongoing topic of discussion, both within and beyond the crypto sector. Although donations from crypto firms to political groups are not new. Coinbase’s campaign is one of the first times a crypto firm has attempted to launch a grass-roots political campaign.

Visa’s crypto products continue

Visa is a payment processing company that is slowly accepting the use of crypto. The company also stated that it has no intention of slowing down on its crypto plans, despite claims to the contrary in the midst of a challenging bear market. 

Cuy Sheffield, the US company’s Head of Crypto, mentioned that a Reuters article alleging that Visa and Mastercard were slowing down their crypto drive was inaccurate with respect to Visa. ‘Visa still thinks fiat-backed digital currencies running on public blockchains have the ability to play an important role in the payments ecosystem despite the obstacles and uncertainty in the crypto environment’.

Although Visa’s involvement in the crypto industry is not new, recent progress has stopped. After the collapse of the crypto exchange FTX in November 2022, it severed global credit card arrangements with the firm. 

Plans to expand card distribution to 40 more countries as part of a long-term worldwide relationship were scrapped after the collapse of the crypto firm on which they were based. After a highly publicised crash, FTX filed for bankruptcy and is now the subject of a criminal investigation for alleged mismanagement. 

Several trademark apps submitted by Visa in October 2022 indicated the company’s intentions regarding a crypto wallet and a product for the virtual reality market. The adoption of crypto wallets like MetaMask and Phantom allows for the safekeeping and effortless transfer of digital assets. Meanwhile, the metaverse, or online shared virtual world, has attracted the attention of the casino crypto market and financial technology firms.