Coinbase Uses Remittance Fees to Rally for Pro-Crypto Regulation
- Coinbase (NASDAQ:) points to high remittance fees, arguing for pro-crypto regulation.
- The exchange is ramping up its efforts to influence US regulators.
- Coinbase and claim that a crypto crackdown leaves the US missing a fundamental innovation wave.
Coinbase is lobbying for pro-crypto regulation in the US, using the high fees Americans pay for remittances to support its argument.
US residents spend over $12 billion annually on fees just to send money to friends and family abroad, Coinbase estimated in a recent blog post. The exchange argued that these remittances are a vital lifeline for underbanked communities. Remittances from relatives in developed countries help people buy essential household goods, invest in healthcare, and fund education.
Coinbase argues that crypto could make these remittances faster and over 96% cheaper than they…
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