Coinbase, a cryptocurrency exchange, is launching a new TV campaign in Washington DC this week to promote the future of cryptocurrency amid its ongoing fight with US regulators. The CEO of Coinbase, Brian Armstrong, stars in the almost two-minute-long video, in which he lays out the benefits of crypto and calls out its “naive view”. Armstrong believes that cryptocurrency is not just a speculative asset that people are trading, but that it has a more profound impact. He compared the early days of cryptocurrency to the Internet, stating that regardless of what people may think, cryptocurrency is here to stay.
SEC’s Wells Notice
Coinbase received a Wells notice in March from the US Securities and Exchange Commission (SEC), indicating that the SEC is ready to recommend formal charges to its five-member commission. In response, Coinbase’s Chief Legal Officer, Paul Grewal, said that the company has repeatedly asked the SEC for its views on how securities laws might apply to Coinbase and the industry at large. But, they have mostly received silence in response. SEC Chair Gary Gensler has called on exchanges to register and recently stated that they tend to be “rife with conflicts”. Meanwhile, lawmakers in Washington DC are working on bills to regulate cryptocurrency, but it remains to be seen which bills will come to fruition.
Armstrong warns about future national security concerns related to cryptocurrency. He fears that in five to ten years, the US may find itself in a situation where it needs to bring crypto back onshore for national security reasons, much like how it was done with 5G or semiconductors. Armstrong pointed out that other countries are embracing the technology of cryptocurrency, and the US should not be left behind.
Coinbase will air four ads featuring Armstrong on popular Sunday shows. Each weekend a new chapter will be released. The ads aim to spread awareness of the benefits of cryptocurrency and its potential to revolutionize finance.