Coinbase CEO Brian Armstrong has called for a concerted effort to ensure 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 Clarity on Crypto Regulation.”
Coinbase’s CEO highlighted the substantial investments Coinbase has made in policy efforts and reiterated the company’s commitment to continuing these investments over the next decade as crypto regulation evolves globally.
He said:
“We are deeply involved in policy efforts to defend the rights of our customers and advance economic freedom.”
Divided government
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 doing nothing is greater than doing the right thing.”
To address 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 represents a significant and diverse portion of the electorate. He added that crypto owners “are younger, more racially diverse and cross political lines.”
Armstrong said:
“Crypto is truly a bipartisan issue, with major supporters on both sides.”
Elections are crucial
StandWithCrypto.org, a grassroots movement backed by Coinbase, has amassed more than 900,000 advocates nationwide, especially in battleground states like Georgia and Arizona. These advocates have actively reached out to their representatives in Congress, influencing key legislative votes like SAB121 and FIT21.
Coinbase plans to support StandWithCrypto.org in mobilizing more than 1 million advocates by Labor Day. The organization offers 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 of Representatives, the Senate and the Presidency, as crucial to the future of crypto law. He urged crypto holders to participate in the upcoming elections and support pro-crypto candidates.
“52 million Americans have owned crypto. They want clear rules that protect consumers and enable innovation here in America.”
Armstrong concluded and emphasized the need for an updated financial infrastructure and economic freedom.