The United States risks being left behind in the rapidly changing world of cryptocurrency. Financial hubs such as London, Singapore, and Hong Kong are vying to build crypto companies, while Europe recently passed comprehensive crypto legislation. Meanwhile, the US is likely to fall behind due to its lack of pro-crypto policies.
Coinbase CEO Brian Armstrong is leading the charge to fight for the survival and future of crypto in the United States. The company has spear a campaign called Crypto 435, which aims to advance pro-crypto politics in all 435 congressional districts across the country.
The campaign aims to grow the crypto advocacy community and provide tools and resources for individuals to make their voices heard.
The Importance of Advocacy in Crypto
Advocacy for pro-crypto policies is crucial in the United States.
Policymakers in Washington, DC and state capitals across the country are making decisions about the future of crypto. These decisions determine how, when, and where users can create, buy, sell, and use crypto. There’s a lot of pressure on them to get it right, because the industry has suffered enough in their absence.
Crypto 435 aims to influence laws and policies, promote innovation, protect jobs, and educate Americans about the power of crypto. The campaign brings the crypto community together and uses strength in numbers to make an impact.
A race to the end
The risks of the US falling behind in crypto are significant. The current financial system is not working for many Americans, and crypto has the potential to innovate and update it. Although there is strong bipartisan support for pro-crypto legislation, lawmakers need to catch up with the rest of the world.
Coinbase has been regulated for over ten years and seeks to create a compliant and regulated industry in the United States. However, the United States risks being left behind as other countries actively attract crypto companies.
Impact on Altcoins
As the US struggles to keep up with the rest of the world, some altcoins continue to thrive. For example, the native token of decentralized exchange 0x Labs jumped nearly 20% after the protocol agreed to work with Robin Hood Wallet and Polygon to build a relay network. The relay network will provide deep liquidity and interoperability, making it easier for users to trade across multiple blockchains.