Coinbase Closes 7% Up After Announcing New Crypto Advocacy Campaign
On May 22nd, the cryptocurrency exchange Coinbase announced the latest part of its push to promote the benefits of cryptocurrency across America. The nationwide campaign titled “Crypto: Moving America Forward” is set to start with the airing of a TV ad in Washington D.C. On Monday, the same day the campaign was announced, the company’s shares closed more than 7% in the green.
Coinbase Unveils Multi-Stage, Nationwide Crypto Advocacy Campaign
This Monday, Coinbase unveiled a multi-stage, nationwide campaign titled “Crypto: Moving America Forward”. The campaign will kick off with a TV ad featuring the company’s CEO, Brian Armstrong, that is to air initially in Washington D.C.
According to Coinbase’s blog post, the campaign has been created with a historian of money and will, along with more traditional advertisements, feature several interesting stunts such as “an armored money truck turned mobile-billboard” that is to drive around New York with the aim of demonstrating “how inefficiently money moves”.
Coinbase also plans to organize a “Stand With Crypto Day” on July 19th during which it will make a gathering in Washington D.C. in hopes of further advocating in favor of cryptocurrencies. On the same day the company made the announcement, its shares saw a significant upward movement on the market and closed 7.56% in the green.
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Keeping Crypto in America Will Become a Matter of National Security: Armstrong
Over the years, Coinbase made a significant effort to advocate the benefits of digital assets. The cryptocurrency exchange has, through its own work with regulators and legislators, attempted to demonstrate that the industry can be fully compliant. It has, however, also argued on multiple occasions that the legal framework has to be updated to truly accommodate digital assets.
In the advertisement unveiled on May 22nd, the company’s CEO, Brian Armstrong, has also argued that cryptocurrencies are of a far-reaching significance as they shouldn’t be viewed as financial products as much as “technology that can update all kinds of financial products”.
Armstrong also stated that the development and adoption of digital assets in the US is not only the best way to help average Americans in the long run, but that will also eventually become an issue of national security.
Coinbase’s campaign comes after months of increased regulatory pressure in the US that even saw the exchange itself receive a Wells notice from the SEC. Additionally, multiple cryptocurrency companies have already departed the country citing the regulatory climate as the main reason. One of them, Bittrex, even outright accused SEC Chair Gary Gensler of being on a “crusade” against digital assets and, by extension, against innovation.
Do you think Coinbase’s latest campaign will finally sway US lawmakers toward embracing crypto? Let us know in the comments below.