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Coinbase Organizes Users To Bring Fight To Congress
The company hopes to motivate at least a million crypto holders to put pressure on their Congresspeople for fairer laws.
Over 50 million Americans own and use crypto: A formidable force that Coinbase hopes to leverage to change the financial system for the better. A new single-issue political campaign will give a unified voice to the crypto community as we head into the 2024 elections.
The Perfect Demographic For Change
The TradFi system is old, and unfit for purpose. As Coinbase puts it, "Nearly nine in ten Americans believe it is time to update the financial system, but progress is being slowed by resistance of those in power who embrace the status quo: outdated systems that limit economic freedom and opportunity for everyday Americans."
Crypto holders are typically younger, more diverse, and more tech-savvy than the US population as a whole, and than those who represent the ossified world of TradFi. As such, they are an incredible resource for change. Coinbase's new campaign seeks to mobilize at least 1 million of these 50+ million users—one in five of the country's adults—to voice their concerns and priorities to their Congresspeople.
The numbers, and their distribution, means a carefully-targeted campaign in the right states has a shot at making a real difference.
Polling in the fall of 2022 showed that in the key states of NH, NV, OH, and PA, over half (55%) of voters stated that they would be less likely to vote for candidates who oppose crypto and web3. For comparison, in 2020 61% of Americans voted for Joe Biden for President.
The main order of business: Sensible regulation that gives crypto a clear framework for operation, rather than the current harsh enforcement-first approach that is punishing innovation and pushing entrepreneurs out of the country.
"14 Month Campaign"
Coinbase plans to run its Stand With Crypto campaign until the elections at the end of next year. The campaign will have three main strands:
- Mobilizing crypto owners to be single-issue political advocates.
- A broad paid-media presence across all platforms, digital and physical.
- A focus on nine key states (AZ, CA, GA, IL, NH, NV, OH, PA, and WI) with particularly high representation from the crypto community, where efforts will have a disproportionate impact.
The campaign kicked off formally yesterday, and uses a dedicated Stand With Crypto app to organize users to take "one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation".
Coinbase has built tech specifically to make the process of campaigning easier. A "call maker" system seamlessly connects the user to their Member of Congress, and even provides a tailored script to guide their conversation.
Even a million advocates could make a huge difference. Galvanizing 10% of America's crypto users—five million voters—could be a decisive game-changer for the industry.
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