When Base Token? | Crypto Daily Digest Sep.26

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Since the launching of Layer 2 Base, Coinbase has been consistently stating there will not be a Base token. Interestingly, Coinbase chief legal officer gave a slightly different answer last week.

Coinbase's Layer 2 has consistently maintained that it has no intention of issuing tokens since its inception. It even explicitly stated on its X (Twitter) profile, "We have no plans to introduce a new network token."

Interestingly, in an interview last week, Coinbase's Chief Legal Officer Paul Grewal answered the frequently asked "when Base token?" question a little differently, noting, "A token could be viable at some point in the future," and furthermore, that it was "not something [Coinbase has] ruled out entirely."

This is quite a big change in the narrative after being so explicit that there will be no token. Moreover, given that this response comes from the company's chief legal officer, it aligns with the prevailing belief that regulatory concerns primarily drive Base's decision not to issue a token.

At the same time, Coinbase has continued to push forward to seek regulatory clarity for the crypto industry. In its latest move, the company has launched an independent advocacy non-profit grassroots movement called Stand with Crypto Alliance in August 2023, aimed at advancing sensible crypto innovation and policy.

Stand with Crypto Alliance will carry out a 14-month campaign focusing on nine important states — California, Georgia, Arizona, Pennsylvania, Ohio, Wisconsin, Illinois, Nevada, and New Hampshire in the US. The advocacy efforts already started with digital and outdoor advertisements in Washington, DC, which kicked off on Sept. 19.

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