Coinbase Uses Remittance Fees to Rally for Pro-Crypto Regulation

Date: 2023-04-05 05:00:15
Coinbase Uses Remittance Fees to Rally for Pro-Crypto Regulation
Coinbase is lobbying for pro-crypto regulation in the US, using the high fees Americans pay for remittances to support its argument. US residents spend over $12 billion annually on fees just to send money to friends and family abroad, Coinbase estimated in a recent blog post. The exchange argued that these remittances are a vital lifeline for underbanked communities. Remittances from relatives in developed countries help people buy essential household goods, invest in healthcare, and fund education.Coinbase argues that crypto could make these remittances faster and over 96% cheaper than they are today. More crypto adoption could substantially relieve the financial burden on those that rely on support for their families and friends abroad.To help promote crypto adoption, the exchange also urged the public to talk to their representatives about crypto adoption. The exchange invited users to become advocates in its Crypto435 program. “Policymakers in Washington DC and across the US are making decisions about the future of crypto — sign up for Crypto435 and join advocates from every 435 Congressional District to make your voice heard on pro-crypto policies,’ the company wrote. Earlier, Coinbase CEO Brian Armstrong joined Ripple in criticizing crypto regulations in the US. He said that the Securities and Exchange Commission’s crackdown on crypto could drive key innovations out of the US.

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