Coinbase recently launched the Stand with Crypto Alliance, an independent nonprofit entity promoting pro-crypto legislation through Congress. It’s a US-based advocacy group that aims to create a grassroots movement advocating for legal reforms and supportive crypto legislation.
On September 27, crypto industry representatives, advocates, and founders, including XMTP Labs Co-founder Matt Galligan, gathered at Capitol Hill in Washington D.C. for "Stand with Crypto Day". The event was an opportunity to engage with policymakers, promote a better understanding of the potential and importance of crypto and its popularity among US citizens, and advocate for pro-crypto legislation. Participation by XMTP Labs in industry advocacy events such as this helps elevate the significance of non-financial use cases in crypto and educates about the benefits of decentralized systems.
We’re excited to go deeper with Matt as he shares his reflections on the event:
Q: What resonated most during the event, and what do you hope lawmakers will act upon?
A: I was blown away by the diversity of talents, ideas, and contributions of the many founders and industry leaders who met with our representatives. As a group, we spanned a wide range of areas of interest, such as blockchain infrastructure, education, art, philanthropy, public policy, and much more. This eclectic group representing the industry enabled the dialog with policymakers and their staff to come from an open and curious place, with a chorus of perspectives that colorfully illustrated that crypto is not just a one-trick pony but a wide spectrum of opportunities for our country. I’m particularly hopeful that our lawmakers will consider seriously all of our excitement, passion, and, importantly, our concerns for how the U.S. has positioned itself with the industry—locally and globally.
As an industry, we desperately need regulatory clarity and sensible guidance from our regulators that considers the innovations and unique nature of the technology so that regulation can be brought up-to-date in the 21st century. With that in mind, I hope the House takes up the FIT 21 Act for a vote this fall and passes it.
Q: Do you feel there was a genuine interest among lawmakers in better understanding crypto’s potential?
A: I do. Many individuals I spoke with seem to reject, or at least heavily scrutinize, the notion that crypto has no value beyond speculation. They recognize that, like any other industry, crypto has its bad actors and scammers, but many see promise in the opportunity it can deliver to our citizens—in moving ownership and control of data into users’ hands, in disintermediation of power-hungry centralized actors, and providing new financial opportunities that have greater transparency and efficiency behind them.
Q: Moving forward, how do you think events like "Stand with Crypto Day" will shape the future of crypto legislation, and what role can the Stand with Crypto Alliance play in fostering a supportive regulatory environment?
A: One thing that we heard over and over again was how much the representatives appreciated our traveling to meet with them and the conversation in general. They’re all incredibly busy and tasked with the challenge of rulemaking across many industries, so hearing directly from builders—not just lobbyists—is very helpful for getting more in touch with the industry and its promise. Movements like Stand with Crypto can mean the difference between crypto prevailing and the U.S. remaining a market leader in the industry, and regulatory overreach, resulting in crypto moving off-shore, thousands losing jobs, and the U.S. missing out on a massive technological and financial advancement. Our voices provide much-needed perspective and education to our policymakers and give representation to the 52 million Americans who own crypto.
Hoping to stay informed and support a legislative environment for the crypto industry? Here’s how to become an advocate!
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