US crypto exchange Coinbase will now allow its users to rate politicians
US-based cryptocurrency exchange, Coinbase, has added a new feature that would allow users to understand and connect with US government officials and politicians – based on their views on cryptocurrencies. Announced earlier today by Coinbase founder and CEO Brian Armstrong, the new feature displays a list of US politicians, followed by a bar indicating their stance on cryptocurrencies – with sentiments ranging from “negative” to “positive”.
Explaining the move via Twitter posts, Armstrong said each politician’s data and sentiment bar came from what’s known as the “Crypto Action Network” – an aggregator and advocacy medium that pulls together all statements. and crypto-related opinions voiced by every politician. The service then assigns a rating to each politician to rank their crypto friendliness, sort of.
The network is backed by Coinbase, among other undisclosed parties.
“We want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We will also expand to get more geographic coverage in global elections and add data on various candidates running (not just current elected officials),” Armstrong said, adding that currently 103 million ‘Coinbase users in the United States will have access. in the service.
The move comes amid a largely mixed race for crypto organizations around the world. In India, web3 companies such as WazirX have been called upon by the Directorate of Law Enforcement (ED) – a nodal law enforcement agency overseeing money laundering and other misplaced incidents under the direction from the Revenue Department of the Ministry of Finance.
While the ED called on WazirX to understand how instant loan apps operating without permission in India could have used cryptocurrencies to siphon money from India to China, the investigations revealed a conjuncture that has finally revealed a lack of clarity in the equation of WazirX and Binance.
India, of course, has taken a conservative approach towards cryptocurrencies. A regulatory bill is expected to be unveiled in the near future, establishing the rules for the common investor to trade cryptocurrencies. At present, most exchanges have seen a decline in their daily trading volumes – since a 30% capital gains tax and an additional withholding tax (TDS) rate of 1 % have been put in place on all profits recorded on crypto trades.
Armstrong didn’t specify which markets Coinbase might look to expand into, but given that the feature is at a relatively early stage in the United States itself, it’s likely to be some time before the base of politicians’ data is extended to other markets.