Coinbase CEO Rallies Crypto Community to Support Pro-Crypto Candidates

By: Eliza Bennet

Coinbase CEO Brian Armstrong has urged the crypto community to take active steps in voting for pro-crypto political candidates and voting out incumbents who oppose the industry. In a recent blog post titled “How to Get Regulatory Clarity for Crypto”, Armstrong emphasized the importance of regulatory clarity and detailed the significant investments Coinbase has made to influence policy efforts, committing to continued support as crypto regulations evolve globally.

Armstrong pointed out two main pathways for achieving regulatory clarity: creating case law through the judiciary and passing new laws through Congress. He acknowledged the obstacles posed by the current political climate, stating, “In our divided government, the default is that nothing will happen unless the cost of inaction is greater than doing the right thing.” He encouraged a bipartisan effort to elect pro-crypto candidates and remove anti-crypto politicians.

With over 52 million Americans involved in digital assets, the Coinbase CEO highlighted that the crypto community is a sizable and diverse segment of the electorate, including younger individuals and those from varied racial backgrounds cutting across political lines. Armstrong added, “Crypto is a truly bipartisan issue, with important supporters on both sides.”

Supporting this call to action, StandWithCrypto.org, a grassroots movement backed by Coinbase, has gathered over 900,000 advocates nationwide, especially in pivotal states like Georgia and Arizona. The movement has actively communicated with congressional representatives, influencing legislative votes on crucial matters such as SAB121 and FIT21. Coinbase aims to push the number of advocates beyond 1 million by Labor Day, offering resources such as candidate scorecards, tools for contacting representatives, donations, and voter registration assistance.

Armstrong also highlighted key political races, including those for the House, Senate, and the Presidency, as critical for the future of crypto legislation. He encouraged crypto enthusiasts to participate in the upcoming elections and support pro-crypto candidates, underscoring the necessity for clear rules that protect consumers and promote innovation.

In a powerful show of commitment to this cause, Coinbase has donated $25 million to Fairshake, a political action committee focused on defeating anti-crypto candidates. This donation, combined with contributions from Ripple and Andreessen Horowitz, has helped Fairshake nearly double its fundraising total to $160 million. With the addition of Coinbase’s donation, the crypto industry now holds one of the largest campaign war chests in U.S. politics, positioning it strongly to influence the legislative landscape favorably for digital assets.

Concluding his statement, Armstrong reiterated the need for an updated financial infrastructure to support economic freedom and innovation, urging the crypto community to be active participants in the electoral process to ensure a supportive regulatory environment.