In a strategic move to reinforce the future of cryptocurrency and counter its ongoing battle with US regulators, popular cryptocurrency exchange Coinbase is targeting Washington DC with a new television campaign set to debut this week.
The campaign, consisting of a series of four advertisements, aims to highlight the potential and advantages of cryptocurrencies. CEO Brian Armstrong takes center stage in a monochromatic, nearly two-minute long video, where he passionately articulates the misconceptions surrounding crypto and its broader implications.
Armstrong dismisses the notion that cryptocurrency is merely a speculative asset, cautioning against the limited perspective. “That’s missing the forest through the trees,” he asserts. Drawing parallels to the early days of the internet, Armstrong emphasizes that cryptocurrency is here to stay, regardless of one’s personal opinion.
Furthermore, Armstrong draws attention to the international landscape, emphasizing how other nations are actively embracing cryptocurrency technology. He also raises concerns about the potential future national security implications associated with lagging behind in the crypto industry. Armstrong fears that in five to ten years, the US may find itself in a position where it urgently needs to reclaim its standing in the crypto sphere, similar to the national security imperative regarding 5G or semiconductors.
The television campaign will feature Armstrong’s messages across multiple “popular Sunday shows,” with each weekend unveiling a new chapter of the narrative. Coinbase aims to captivate the attention of policymakers and the general public in the nation’s capital, leveraging the persuasive power of television to shape perceptions and foster a better understanding of the potential benefits that cryptocurrencies offer.
Coinbase’s conflict with the US Securities and Exchange Commission (SEC) further underscores the urgency of this campaign. In March, the company received a Wells notice, indicating that the SEC was prepared to propose formal charges to its commission of five members.
Expressing their frustration with the SEC’s lack of communication, Coinbase’s Chief Legal Officer, Paul Grewal, released a video response to the Wells notice. Grewal candidly mentioned their repeated attempts to engage with the SEC to gain clarity on how securities laws might apply to Coinbase and the cryptocurrency industry, but their inquiries have largely been met with silence.
Gary Gensler, Chair of the SEC, has recently called for exchanges to register, asserting that they often harbor conflicts of interest. While lawmakers in Washington DC are actively working on legislation to regulate cryptocurrencies, the specific bills that will eventually materialize remain uncertain.
Coinbase’s television campaign represents a proactive and strategic move to shape the narrative surrounding cryptocurrency while simultaneously confronting the regulatory challenges it faces. As the battle between the crypto industry and US regulators intensifies, Coinbase seeks to rally support for the long-term viability and benefits of cryptocurrencies, fostering a more informed and favorable regulatory environment for the burgeoning digital asset class.
Source: CoinBase