In its latest ad, cryptocurrency exchange platform Coinbase calls for financial reform amid regulatory hurdles and legal issues from the U.S. Securities and Exchange Commission (SEC).
The ad is part of Coinbase's "Update the System" campaign, which aims to educate U.S. consumers about the benefits of using cryptocurrency.
The TV commercial gives a mini history lesson with a timeline of the evolution of money, starting with the bartering of various animals, objects, and valuable materials to the use of coins and bills, and ending with digital currencies, while a song with the repetitive lyrics "Gotta change, around here" plays in the background.
- The new ad will take up four regional TV spots in the Washington D.C.-area as part of a strategy to send its message to lawmakers and those with political influence.
Coinbase has been facing issues in the U.S. over a lack of regulatory clarity on the use of cryptocurrency. In April, the SEC filed a lawsuit against the cryptocurrency exchange. Coinbase CEO Brian Armstrong stated that the company would consider basing its operations outside the U.S. unless a more coherent regulatory framework is established.
- The San Francisco-based crypto exchange reports that only 20% of Americans own crypto, but 80% of its survey respondents want to update the financial system.