STATE OF PLAY
Congress was considering two different legislative proposals for regulating stablecoins, with domestic and foreign industry players seeking to shape the final legislation. Legislation in this industry was unprecedented and a historic moment for regulating the crypto and digital asset space, where foreign and domestic issuers had different legislative priorities.
ACTION
Narrative launched a comprehensive public affairs campaign highlighting the need for effective stablecoin legislation, protections for domestic industry players, and encouraging congressional passage of the cornerstone legislation. Key facets of the campaign included:
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Developing and establishing crucial messaging for provision changes and eventual passage of the bill.
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Identifying, engaging, and activating bipartisan third-party voices to amplify messaging through a multi-media approach (e.g., blogs, op-eds, social media, podcasts, and video).
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Deploying a comprehensive earned media approach to educate on the legislation, key changes required, and the impacts of bill passage. The team secured pieces in the New York Times, PunchBowl, POLITICO, and Bloomberg.
IMPACT
The public affairs campaign was successful two-fold: (1) securing key provision changes; and (2) ultimate passage of the bill and its signing into law. The domestic industry saw significant third-party and earned media amplification of the importance of the legislation and the impact/benefits of the new regulatory regime.
