America’s largest cryptocurrency exchange is pulling out all the stops to ensure U.S. policymakers get things right with how they treat the crypto industry.

The company has announced Crypto435 – a grassroots initiative to expand pro-crypto advocacy to citizens across all 435 Congressional Districts.

Coinbase’s Advocacy Mission

As tweeted by Coinbase on Tuesday, the initiative presents an opportunity for lovers of crypto and web 3 to make their opinions known in DC. Coinbase will provide the community with various tips related to local politicians and the crypto landscape – including their contact information, their records on crypto policy, and how best to make sure those with a voice can be heard. 

“The crypto community has reached an important moment,” stated Coinbase. “Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto.”

Congressional and regulatory interest in crypto – and more specifically, skepticism of it — has surged in the wake of FTX’s calamitous collapse in November. Political discussion surrounding crypto regulation has taken a negative turn in Washington, between expert calls to restrict the industry from the banking system, and the Senate Banking Committee floating an outright ban on it.

The exchange claims that Crypto435 will “influence laws and policies,” and also “educate everyday Americans about the power of crypto.”

Coinbase VS SEC

Pressure from federal regulators – particularly the Securities and Exchange Commission (SEC) – is also ramping up. In February alone, the agency fined Kraken for its staking-as-a-service product, issued a Wells notice against Paxos for issuing BUSD, and launched an investigation into Robinhood over its cryptocurrency listings.

Some of the industry’s supporters in Washington have criticized the SEC for regulating “by enforcement” rather than providing necessary clarity for crypto firms to follow the law – including the agency’s own Hester Peirce. Coinbase CEO Brian Armstrong has backed her claims while opposing many of the SEC’s assertions that certain crypto products, including staking services and tokens, are securities. 

Confusion around such subjects has prompted the industry to turn to congress, which is yet to pass any new laws clearing the air on how to classify cryptocurrencies or determine which agencies should oversee them. 

“We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom,” wrote Coinbase.

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Distressed crypto lending platform Vauld was granted another period of extension of creditor protection from the Singapore High Court until March 24, during which the company will work out revival plans.

Vauld halted withdrawals for its customers last summer after being hit by an unprecedented $200 million worth of withdrawals in under two weeks amidst excessive turmoil in the market. The lender, backed by Coinbase Ventures, PayPal cofounder Peter Thiel’s Valar Ventures, and CMT Digital, among others, had assets worth around $330 million and liabilities worth $400 million.

• The deal with its rival lender Nexo fell flat, following which it filed for protection against creditors in Singapore. The first moratorium was granted for three months.
• Vauld contended that Nexo failed to provide the necessary details to back its claim of solvency. This prompted the former to discontinue discussions.
• During the last creditor protection, which expires on Feb 28, Vauld revealed entering into advanced stages of negotiations with potential crisis managers. It received bids from two digital asset fund managers for a potential takeover.
• In a statement to CryptoPotato, Vauld said,

“This Restructuring Plan is contingent on the Restructuring being implemented only upon passing of a Scheme at a meeting of creditors to be convened by Defi Payments upon which all Creditors will be bound by the terms of the Scheme.”

• The creditors filed an affidavit last week to prevent the company from filing another extension to its moratorium.
• Reports suggested that the new affidavit with the Singapore Court was filed by Jonathan Jeremy Edelman, authorized by creditors William Doerrfeld, Samuel Burton, Jeffrey Howerbush, and Brian Murray.
• Vauld owes a total of nearly $2.23 million to the four men.

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Coffeezilla – the popular YouTuber and “Internet Detective” covering crypto scams – is now accusing the mixed martial arts legend Khabib Nurmagomedov of “scamming” his followers with NFTs. 

The former UFC lightweight champion said his new collection will give fans access his his “private club,” while enabling holders to mine Bitcoin. 

Khabib’s NFT Collection

Nurmagomedov launched his NFT collection in partnership with GoMining, for whom he became an ambassador in October 2021. The company’s goal is to provide Bitcoin mining industry access to regular consumers, by rewarding holders of its GMT tokens and custom NFTs with BTC mined from its data centers. 

“You will soon be able to buy NFT, which will become a pass to my private club and will mine BTC for you,”  tweeted Nurmagomedov on Monday. 

According to the project’s website, each NFT will function as a ticket to private events held by Nurmagomedov “several times a year.” It states that each NFT is backed by 29 terahashes per second of computing power, with an energy efficiency of 35 watts per terahash – making it the most profitable of the company’s NFTs. 

The 29 TH/s hash rate is a reference to Khabib’s historic 29-0 record in professional mixed martial arts. The ex-champion scored 13 wins in the UFC before ultimately retiring from the sport, cementing his legacy as one of the greatest MMA fighters of all time. 

Given that Khabib is returning to NFT deals, however, Coffeezilla suggested that the martial artist return to the cage:

“If you need money this bad, why not step back in the ring instead of scamming your fans?” he asked. 

Coffeezilla called out the YouTuber Logan Paul for his flopped NFT venture in December, accusing Paul of having defrauded his followers. While Paul initially intended to sue Coffee over the allegations, he has since withdrawn his claims and apologized to his fans. 

UFC and Crypto

Nurmagomedov’s announcement makes him just one of the dozens of celebrities, athletes, and professional fighters to leverage his brand to sell digital collectibles. Ethernity chain launched an NFT collection on behalf of Anderson Silva in 2021 – widely regarded as the best middleweight MMA fighter of all time. 

The UFC has been closely involved in promoting various crypto initiatives, including the L1 smart contract platform VeChain and the cryptocurrency exchange CryptoCom. Last May, the popular UFC commentator and podcaster Joe Rogan suggested that the U.S. government may actually fear Bitcoin.

Featured Image Courtesy of CNN.

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