Cryptocurrency exchange Coinbase (COIN) is leading a lobbying effort in Washington, D.C. that seeks to introduce new laws aimed at regulating digital coins and tokens.
Coinbase is calling their lobbying effort “Stand With Crypto Day,” and is flying more than 50 cryptocurrency executives to Washington, D.C. to lobby lawmakers on Capitol Hill.
In August of this year, Coinbase launched a nonprofit advocacy group called the “Stand With Crypto Alliance” that is pushing for crypto-friendly regulations for the industry.
The lobby day in Washington, D.C. on September 27 coincides with a hearing where U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is expected to give testimony to the House Financial Services Committee.
The SEC has been cracking down on the cryptocurrency industry, which Gensler says is filled with fraud. The regulator is currently suing several crypto firms for violating U.S. securities laws, including Coinbase.
Coinbase denies the charges and has been vocal about fighting the SEC in court.
The SEC has run into some hurdles in its effort to crackdown on the crypto sector.
Crypto firm Ripple Labs (XRP) won a major legal victory this summer when a judge ruled that most cryptocurrencies aren’t securities and are therefore not subject to the SEC’s jurisdiction.
While there have been several pieces of federal legislation aimed at regulating the cryptocurrency industry proposed in Congress, none have passed into law.
Coinbase and its supporters are now trying to build support around the cryptocurrency sector as a jobs maker and potential issue for voters in upcoming elections.
However, Coinbase’s lobbying push comes just days before a potential government shutdown, a situation that has most lawmakers in Washington, D.C. distracted.
The stock of Coinbase has gained 12% in the past year to trade at $70.52 U.S. per share.
