Stand with Crypto, an advocacy group that supports appropriate regulation of the digital asset sector, has set up shop in the UK.
While the UK is moving forward with bespoke regulation, it has been more challenging in the US.
The US House of Representatives recently approved legislation (FIT21) that will create custom regulations to manage crypto, but there is no guarantee it will be approved by the Senate and/or the President. At the same time, the current leadership of the Securities and Exchange Commission (SEC) has been staunchly anti-crypto, seeing everything as a security and thus regulated by laws on the books from many decades ago.
In a blog post, Coinbase Vice President of International Policy Tom Duff Gordon shared that Stand with Crypto reports that more than 700,000 individuals in the US have signed up in support of the group. In the UK, he notes that over 6 million individuals hold crypto.
Sand with Crypto says that the industry is “coming together to better explain the social utility and benefits of blockchain, crypto assets and web3 innovation.”
This past week, there was a launch event in London. Held in the UK Parliament. The gathering was hosted by the Former Chancellor of the Exchequer and current member of the Coinbase Global Advisory Council, George Osborne. The event was said to be cross-party – unlike in the US, where mostly Republicans back digital asset regulation.
Stand with Crypto shares that in the coming months, it will expand to other cities and jurisdictions. While the US may be dominated by anti-digital asset public officials, the group should gain solid support elsewhere as the world transitions from analog to digital services.
