Coinbase CEO Brian Armstrong has called for a concerted effort to secure regulatory clarity for the crypto industry by supporting pro-crypto political candidates and voting out anti-crypto incumbents.
Armstrong made the statement in a June 3 blog post titled “How to get regulatory clarity for crypto.” He said: “We are deeply engaged in policy efforts to defend our customers’ rights and advance economic freedom.”
The Coinbase CEO highlighted the substantial investment Coinbase has made in policy efforts and reiterated the company’s commitment to continue these investments over the coming decade as crypto regulations evolve globally.
Armstrong outlined two primary paths to achieving regulatory clarity: creating new case law through the courts and passing new legislation through Congress. However, he acknowledged the difficulties posed by the current political climate. He said: “In our divided government, the default is that nothing will happen unless the cost of inaction is greater than doing the right thing.”
To navigate these challenges, Armstrong called for a bipartisan effort to elect pro-crypto candidates and remove anti-crypto politicians from office. With 52 million Americans owning digital assets, Armstrong emphasized that the crypto community is a significant and diverse portion of the electorate. He added that crypto owners are “younger, more racially diverse, and cut across political lines.”
StandWithCrypto.org, a grassroots movement supported by Coinbase, has amassed over 900,000 advocates nationwide, particularly in battleground states like Georgia and Arizona. These advocates have actively reached out to their congressional representatives, influencing key legislative votes such as SAB121 and FIT21.
Coinbase plans to support StandWithCrypto.org in mobilizing over 1 million advocates by Labor Day. The organization provides resources such as candidate scorecards, tools to contact representatives, donation options, and voter registration assistance.
Armstrong identified key political races, including those for the House, Senate, and the Presidency, as crucial for the future of crypto legislation. He urged crypto holders to participate in the upcoming elections and support pro-crypto candidates.
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