Coinbase is launching a political campaign to support pro-crypto presidential candidates and remove anti-crypto politicians from office, according to a blog post by the firm’s CEO Brian Armstrong.
Brian Armstrong urged cryptocurrency enthusiasts to vote against anti-crypto politicians ahead of the November election.
“While we are willing to talk to everyone, even our harshest critics, we no longer need to support them. In fact, we need to work to get anti-crypto candidates out of office, and focus on supporting pro-crypto candidates,” Armstrong sent a clear message.
According to him, cryptocurrency is a genuinely bipartisan issue with important supporters. Coinbase is a strong advocate for cryptocurrency and believes it promotes economic freedom.
A New Start For The USA?
Armstrong stated that regulatory clarity is needed for the broader adoption of cryptocurrency, and electing pro-crypto candidates is the best way to achieve this clarity.
“The best way to get regulatory clarity in democratic countries is to elect pro-crypto candidates on both sides of the aisle,” Armstrong noted.
Armstrong shared that to support the ongoing plan, the exchange donated $25 million in USDC to Fairshake, a federal super PAC that aims to support pro-crypto congressional candidates in the upcoming 2024 U.S. election.
With Coinbase’s latest donation, Fairshake and its affiliated committees have raised $161 million in this election cycle, making it one of the largest super PACs. This donation follows similar $25 million contributions from Ripple and Andreessen Horowitz (a16z) last week.
Crypto is Well Supported
Apart from Ripple, a16z, and Coinbase, Fairshake also received donations from prominent figures like Winklevoss twins, Jump Crypto, and Union Square Ventures.
As reported, Rep. Dusty Johnson and Rep. Josh Gottheimer are the two candidates who have received the most Fairshake funding, with over $122,000, respectively. Both representatives played crucial roles in drafting and negotiating the Financial Innovation and Technology for the 21st Century Act (FIT21).
In addition to Fairshake SuperPAC, Coinbase financially supports pro-crypto candidates through its independent nonprofit, Stand with Crypto. Launched in 2021, the group aims to raise awareness and promote pro-crypto legislation. It has almost 1 million members and has sent hundreds of thousands of emails and calls to members of Congress.
Cryptocurrency Matters
Cryptocurrency has become a major issue in the U.S. presidential election this year.
According to recent research conducted by Grayscale, one in three voters will consider a candidate’s stance on crypto, and 77% believe presidential candidates should have an informed perspective on cryptocurrency.
Donald Trump has seized on the crypto issue. The former president has pledged to support crypto-related companies in the U.S. and vowed to make the country an industry leader.
Trump also revealed plans to build a pro-crypto army and voiced opposition to the Biden administration’s perceived anti-crypto stance.
Over the past few months, around three pieces of cryptocurrency-related legislation have been brought to a vote. Two remarkable bills—FIT21 and the repeal of the SEC’s SAB121 rule—have gained surprising support from both sides of the House of Representatives.
However, while Trump has positioned himself as a pro-crypto candidate, Biden has not shown many changes in his crypto stance. Previously, the White House built expectations that it had shifted to a more diplomatic stance as it affirmed it would stop short of vetoing threats to crypto bills.
However, on June 1, President Joe Biden vetoed the resolution to overturn the SEC’s SAB121. The veto came shortly after Trump’s conviction. Experts suggest that the move maintains the SEC’s controversial accounting guidelines, which could lead to ongoing regulatory uncertainty and potentially hinder the crypto industry’s growth.
Biden’s veto could lead to increased isolation within his party. Some Democrats have already broken ranks to support the repeal of SAB 121, and others may continue to express concerns about the administration’s crypto policy.
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