SwCA Project: A Bridge Between the Crypto Community and U.S. Lawmakers – “Stand with the Crypto Alliance”

SwCA is a support organization focused on improving the regulatory process for the blockchain and cryptocurrency industry. It was founded and is backed by Coinbase, the largest cryptocurrency exchange in the U.S.

The organization, “Stand with the Crypto Alliance,” or SwCA is a support group aimed at enhancing the regulatory process for the blockchain and cryptocurrency industry. It was launched and is supported by Coinbase, the largest cryptocurrency exchange in the U.S. The primary goal of this group is to encourage the crypto community to actively participate in the regulatory process for cryptocurrencies and blockchain in the U.S., thus shaping the future of the digital currency market for generations to come. This text aims to introduce readers to SwCA, its history, reasons for its creation, and ways to join the organization.

Overview of SwCA and Its Origins

The Stand with Crypto Alliance (SwCA) was founded by Faryar Shirzad, the Chief Policy Officer at Coinbase. The organization’s goal is to use blockchain technology to empower the decentralized cryptocurrency community. Through this organization, the crypto community will be facilitated in actively participating in supporting progressive policies that modernize traditional financial systems and develop the digital economy. The project’s ultimate aim is to strengthen the connection between the crypto community and lawmakers, acting as a unified voice to influence legal decisions, protect consumer rights, and foster innovation.

The potential of cryptocurrencies lies in their ability to facilitate fast, fee-free financial transactions and other applications in economic matters. Their supporters see blockchain technology and cryptocurrency infrastructure as the future of finance. However, while cryptocurrency and blockchain technology adoption continues to grow, there are still barriers to mainstream acceptance, with regulatory clarity being the largest obstacle preventing significant institutional investment. Over the past few years, the relationship between the crypto industry and the U.S. government has been turbulent.

There are several reasons for the regulatory and legal issues in the crypto industry. For example, the collapse of prominent companies and projects like Terra Classic, the FTX exchange, and crypto lending platforms like Celsius Network and Three Arrows Capital, as well as major U.S. banks involved in crypto, has led lawmakers to adopt a tougher stance on these assets.

Additionally, a major point of contention between the crypto world and regulators is how crypto assets should be classified. The U.S. Securities and Exchange Commission (SEC) argues that most crypto products should be considered investment contracts under its jurisdiction. On the other hand, the crypto industry strongly opposes this view. For instance, the long-running legal battle between Ripple (XRP) and the SEC highlights how legal disputes in the crypto industry can be drawn out due to the absence of comprehensive regulations.

The SEC claims that most crypto products should be considered investment contracts under its jurisdiction, while the crypto industry opposes this view.

It is worth noting that the SEC’s lawsuit against Ripple was recently concluded in favor of the cryptocurrency community in one of the U.S. courts. The court ruled that “the offering and sale of Ripple tokens on cryptocurrency exchanges do not constitute the offering and sale of investment contracts.” As a result, it was determined that Ripple is not considered a security, and the SEC’s claim was dismissed. However, such ambiguous and unresolved legal matters still exist in cryptocurrencies.

SwCA, an independent and non-profit organization, aims to solve these issues and ambiguities by supporting laws and establishing a comprehensive regulatory framework for digital assets in the United States. Coinbase, with the help of this active association, seeks to accelerate the process of cryptocurrency regulation and push for a clear regulatory framework in the U.S.

This initiative from Coinbase is an extension of its previous campaign called “#Crypto435,” which aimed to organize the cryptocurrency community around legal issues. According to Coinbase, the #Crypto435 campaign was launched to grow the crypto advocacy community and share the necessary tools and resources across all 435 congressional districts in the U.S. We have provided a brief history of this campaign and its activities.

History of #Crypto435 and the Creation of SwCA

On March 1, 2023, Coinbase, the largest and most well-known cryptocurrency exchange in the U.S., launched a policy campaign aimed at uniting supporters who understand the potential of Web3 technology. The #Crypto435 campaign aimed to bring together crypto advocates in all 435 congressional districts in the U.S.

The main mission of the #Crypto435 campaign was to amplify the voice of the blockchain and crypto community in policy-making, emphasizing the importance of cohesive crypto regulations. This initiative sought to promote the benefits of blockchain technology, enhance innovation, and protect job opportunities. Its significance lies in its ability to influence lawmakers, educate them on the potential of the crypto industry, and address the evolving legal landscape.

The campaign’s main mission was to amplify the blockchain and crypto community’s voice in policy-making, focusing on cohesive crypto regulations.

On August 14, 2023, Coinbase’s Chief Policy Officer announced the formation of a new advocacy group named SwCA (Stand with Crypto Alliance). In a blog post, Coinbase introduced SwCA with the following message:
“With over 50 million Americans owning digital assets, the crypto community is much larger than Coinbase. Today, with the launch of SwCA, the crypto community is being empowered as a core part of the regulatory process. Specifically, this organization is supported by blockchain infrastructure and is designed to help organize the community as a powerful voice. It also advocates for policies modernizing our financial system and promoting economic empowerment. SwCA is the first independent, on-chain, and community-backed advocacy organization in the U.S. supported by crypto enthusiasts.”

How to Join SwCA

The top of the SwCA project’s website, standwithcrypto.org, says, “If you care about crypto, now is the time to prove it.” Although the project has only been active for a few months, over $2 million has already been donated to SwCA, and more than 150,000 crypto supporters have joined. In addition, over 16,000 supporters have contacted Congress directly to advocate for crypto.

The official SwCA website offers several ways to “become a crypto advocate,” including:

1. Directly calling or emailing your state representative in the U.S. Congress.
2. Donating financial support to SwCA.
3. Purchasing and minting the Stand With Crypto Supporter NFT.
4. Sharing the #StandWithCrypto hashtag on Twitter.
5. Sending a video to SwCA explaining why you are a crypto advocate.

According to the project’s website, each form of support helps defend the future of cryptocurrencies in the U.S. and globally. The site’s Leaderboard section shows that over 95 addresses have minted the organization’s NFTs so far.