Coinbase, one of the world's largest crypto exchanges, has launched an independent nonprofit organization called the Stand with Crypto Alliance. The aim is to advance pro-crypto legislation through the US Congress and mobilize the crypto community. According to Coinbase, Stand with Crypto Alliance is America's first independent advocacy group for the community. The move is seen as a way to build on recent legislative and legal victories for the digital asset industry. In the wake of crypto giant FTX's failure last fall, the alliance will lobby for a more favorable US regulatory framework for digital assets.
While it faces its own legal challenges, Coinbase has strong support from the crypto community. The launch of the alliance empowers the crypto world with an advocacy group to weigh in on how crypto tokens should be regulated in the US: as securities by the Securities and Exchange Commission (SEC) or as commodities by the Commodity Futures Trading Commission.

Why does it matter? The new advocacy group seeks to influence crucial bills in Congress and lobby for pro-crypto legislation to create a more conducive regulatory environment. Coinbase shows its commitment to defending the interests of the crypto industry. As the first coordinated effort to mobilize the decentralized crypto community and give them a platform to make their voices heard, the development could have repercussions beyond the US market.