- Coinbase has unveiled a voter registration tool with an aim to encourage its users to participate in crypto regulation debates.
- Its launch comes despite the company adopting an “apolitical culture” approach in 2020 leading to the exit of 5 percent of employees.
Coinbase, the largest crypto -exchange in the US has partnered with Crypto Canary- a Washington-based advocacy firm- to launch a voter registration tool.
According to the exchange, the move was part of its broader education initiative aimed at giving users the right apparatuses to participate in regulation debates on crypto. Coinbase further revealed that the launch was compelled by an increase in demand for “trusted resources and tools” from customers given that traditional avenues and tools of participating in political debates are often skewed.
Our customers want to understand how these ongoing debates will impact the future of crypto, and they’re eager for resources that help them engage in and shape these conversations,
Although Coinbase does not talk about politics regularly after announcing an “apolitical culture” in 2020 leading to the exit of 5 percent of employees, in the latest correspondence, the firm stated that it was always willing to engage in political discussions “at moments when it relates to our mission of increasing economic freedom in the world.”
In the past two or so years, US politics have become a hotbed of crypto debates with more than 50 bills aimed at regulating the crypto landscape being introduced in Congress. Moreover, US citizens have increasingly been getting involved in discussions touching on Web3 and crypto seeing that 24 percent of households now own cryptocurrencies based on a recent report by Morning Consult.
However, the biggest barrier to their voice being heard has been the lack of education on crypto-related issues and access to voting. Although social media platforms such as Twitter have been the major avenue for crypto users to air their opinions, discussions there often do not have a compelling effect on lawmakers.
Using the voter registration tool, crypto users will not only be able to vote but also learn about the issues being raised and help create opportunities to hold debates with representatives. Coinbase further believes that the launch, which comes ahead of the November 2022 elections could help keep US citizens informed and engaged, enabling them to make critical decisions on crypto regulations which could help maintain US competitiveness and steer innovation.
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“Engaging in the 2022 U.S. midterm elections gives everyone a chance to be an important part of the conversation on the future of crypto,” Faryar Shirzad, Chief Policy Officer at Coinbase said “The leaders we elect in November will be making key decisions about how crypto, blockchain, and web3 are regulated.”