Coinbase CEO Invites Crypto Society To Support Pro-Cryptocurrency Politicians

Coinbase crypto exchange founder Brian Armstrong. (Photo; Doc. TechCrunch)

JAKARTA - CEO of the leading crypto trading platform in the United States, Coinbase, Brian Armstrong, advocates for a more inclusive representation of individuals who are pro-crypto in US politics. Armstrong invites crypto supporters to actively participate in politics, such as contacting members of their congress, donating to pro-crypto candidates, and appearing at city hall.

Armstrong's comments came after the United States Securities and Exchange Commission (SEC) sent a Wells Notice trading platform, implying the possibility of an ongoing regulatory crackdown. Armstrong stressed that the exchange will begin sponsoring pro-crypto candidates in US elections. This is expected to ensure the success of the crypto industry in the future.

"What we're going to do is start releasing content where people can contact their congressman, donate to pro-crypto candidates, appear at city halls, make your voice heard," said Coinbase CEO, adding that, "We will select pro-crypto candidates in the country to ensure our success."

However, it remains unclear whether the US SEC will take legal action against the exchange. Previously, regulators had taken similar steps against industry players Paxos Trust. Coinbase has called the SEC for its approach and regulatory style, as regulators pursue regulatory action based on guidelines that have not been provided in general.

Coinbase has been very vocal in fighting for crypto settings. Despite being publicly traded and regulated by the SEC, Coinbase must oversee some of its products, including Coinbase Earn, at stake services, and some token recording services. In 2021, Coinbase will also have to remove the XRP list after the SEC filed its biggest lawsuit in the industry to date against blockchain payment firm Ripple Labs Inc.

Coinbase's new approach to engaging in politics was one of the exchange's last attempts after an argument that took place with several employees and industry leaders in 2020. At that time, Armstrong banned political mixing with businesses and some employees from leaving the company.

However, Armstrong stressed how the future of crypto can be further advanced when more pro-crypto lawmakers are at the helm.

Industry leaders lament all the futile efforts to sit on the negotiating table with regulators. "A number of despicable resources and brain powers have been spent in the US trying to engage with the SEC and trying to create substance and a way out of unreasonable comments issued by the agency," Crypto Council for Innovation CEO Sheila Warren told Cointelegraph.

Will we really allow an institution in the US to regulate all innovation trajectories for the entire country, especially if the agency refuses to engage with the industries it is trying to regulate? With this new effort, Coinbase hopes to fight for crypto through politics and realize a more inclusive future for the crypto industry in the US.