Coinbase recently announced the launch of a new tool. Company CEO Brian Armstrong said in a tweet on Thursday, September 14 that the new tool which is live, is designed to educate its 103 million registered and verified users on politicians in their jurisdictions, and specifically, their stance on cryptocurrencies.
The vocal CEO took to Twitter to announce news that the new tool would be integrated directly into the cryptocurrency platform for its users to access for informational, and eventually interactive purposes in the near future.
A Potential Aim To Develop Mutual Cooperation
The launch of the newly-integrated tool on the Coinbase platform and mobile application is one which touches a sector that has been largely avoided by cryptocurrency and blockchain-aligned companies to this point – politics. One consistently top trending story as of late is one which details the SEC’s engagement in an ongoing globally-followed lawsuit and battle which derives from charges the agency filed against Ripple Labs. The lawsuit claims Ripple Labs violated securities law established in The SEC vs. W. J. Howey Company in 1946, when Ripple initially sold their cryptocurrency, XRP, to the public without first registering with the SEC. This SEC and Ripple xrp news evolves frequently, as the lawsuit is anticipated to be nearing settlement soon.
Coinbase themselves was an earlier target of the SEC, when they claimed the company listed nine cryptocurrencies which were considered unregistered securities. More recently the SEC subpoenaed Coinbase to gain insight on how the company lists their digital assets, staking programs, yield-generating products and stablecoins. Such actions highlight the rather strained tone which has been as of late between many government and regulatory agencies and the cryptocurrency community. This is the reason why a tool which bridges the gap between the two often opposing sides could definitely be seen as positive for the industry as a whole.
The Plan And Direction Of The New Tool
Based on responses to the tweet from the Coinbase CEO unveiling the news, the new tool is being considered by some as a bold move to encourage an at least mildly collaborative environment between politicians and individuals and organizations in the crypto landscape. The new tool is said to be a step in the direction of innovations which the platform envisions for the future. Such propositions as giving users the opportunity to communicate with politicians through the platform with information or concerns to help foster cryptocurrency-friendly legislation.
In the series of tweets which highlighted six specific points which the initiative hopes to fulfill Brian Armstrong expresses that the platform plans to aid in crypto-friendly politicians soliciting crypto donations from amongst its user base in the future as well. Coinbase is assisted by CryptoActionNetwork who is referenced to have developed a process which scores politicians crypto-friendliness. Most recently, the report card for the 117th Congress has been published by the company.
“Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We’ll also expand to get more geographic coverage in global elections, and add data on various candidates running for office (not just current elected officials).” -Brian Armstrong, CEO, Coinbase
Wrap-up And Final Points
The new tool launched by Coinbase could certainly offer elements which may help progress the conversation and collaboration between politicians and the professional cryptocurrency market participants.
Interestingly two years ago Coinbase banned all internal conversation around politics, for what the company suggests now was to essentially promote a healthy work environment where individuals do not have the opportunity to experience or spread biases and create contention within the workplace. The new tool and its phased releases can be expected to be followed closely by many in and outside of the crypto industry.