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Coinbase adds sentiment analysis from US lawmakers to its platform

In a series of tweets on September 14, Brian Armstrong, co-founder and CEO of Coinbase, revealed the company’s intentions to start implementing crypto policy efforts into its app. He claims that with this integration, Coinbase’s 103 million verified users will get educated on the crypto positions held by local political leaders. Coinbase will rely on some of the data compiled by the Crypto Action Network. Armstrong hopes that the crypto community can help elect crypto-friendly officials. Coinbase will specifically employ a scorecard developed by the Crypto Action Network, which scores each member of Congress on their crypto stance based on publicly recorded words and actions regarding crypto legislation. The scorecard ranges from “A” to “F.”

Users of the Coinbase app will be able to view where members of Congress stand on crypto policy, register to vote, and stay up to date on local town hall meetings, according to the Coinbase CEO’s Brian Armstrong tweet. He also discussed the company’s goals of extending geographical reach. According to the CEO, this will “assist pro-crypto candidates in soliciting donations from the crypto community (in crypto).” He continued:

“Crypto advocacy is very important for our mission of increasing economic freedom in the world, and Coinbase will do its part to help. But the crypto community is much bigger than Coinbase—hopefully we can all rally to engage elected leaders and drive sensible policies.”

Coinbase voter registration & education initiative

Coinbase introduced its new crypto policy education and voter registration initiative on August 25. This development comes just a few months before the United States’ pending midterm elections. Coinbase has already made headlines for reportedly selling crypto surveillance data and capabilities to US intelligence agencies. However, Coinbase has stated that their voter registration tool does not collect or keep client data.

Coinbase’s chief policy officer, Faryar Shirzad, remarked during the announcement of the voter registration and education initiative that the US midterm elections in November will be the “most crucial in crypto’s history.” “Being aware and involved is crucial for the future of cryptocurrency,” he continued.

Regulations in the crypto realm have been taking shape rather effectively as the crypto industry matures. Coinbase believes that they will play an important role in shaping the crypto market in the coming years.

More than 50 bills have already been proposed in the current Congress to shape some areas of the crypto regulatory landscape. Coinbase goes on to say that the candidates elected in November will “make critical decisions about how crypto, blockchain, and web3 are regulated.”

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