Armstrong believes it is best to move forward into the future of cryptocurrency when more pro-cryptocurrency lawmakers take charge.
Brian Armstrong, CEO of US-listed trading platform Coinbase Global Inc (NASDAQ: COIN) has Call For a more inclusive representation of pro-cryptocurrency individuals in US politics. Speaking at the Twitter Spaces event, Armstrong admonished crypto supporters to “call your congressman, donate to pro-crypto candidates, and show up at town halls.”
The comments came after the US Securities and Exchange Commission (SEC) moved to send Wells a notice to the trading platform suggesting a possible regulatory campaign was under way. According to Armstrong, the exchange will start sponsoring pro-crypto candidates in the US elections.
“What we’re going to do is start putting out content where people can contact members of Congress, donate to pro-crypto candidates, show up at town halls, and get your voice heard,” said the Coinbase CEO, adding, “We’re going to elect pro-crypto candidates in this country to make sure guarantee of our success.”
It remains unclear if the SEC will take any legal action against the exchange, however, the move from the regulator marks a similar move that was taken against the Paxos Trust. As for Coinbase, the SEC needs to be put in place as it follows regulatory actions based on guidelines it generally fails to provide.
Coinbase has been very vocal in calling out the SEC for its regulatory approach and approach. Although the exchange is publicly traded and regulated by the SEC, it has had to rub its shoulders on some of its products including Coinbase Earn, staking services, and some token listing services.
In an effort not to fall in the regulator’s crosshairs, it had to scrap XRP again in 2021 after the SEC filed the industry’s largest lawsuit to date against blockchain payments firm Ripple Labs Inc.
Coinbase to fight for crypto through politics
Coinbase’s new approach to delving into politics marks one of the exchange’s last resorts. After sparring with some of its employees and industry leaders in 2020, Armstrong banned mixing politics with business. At that time, some employees left the company, according to a Coinspeaker report.
With the new stance, Armstrong is emphasizing how he believes the future of cryptocurrency can move forward better when more pro-cryptocurrency lawmakers take charge. The SEC’s actions have received a backlash with industry leaders bemoaning all the futile attempts to sit down at the negotiating table with regulators.
“A reprehensible amount of resources and brainpower has been expended in the US trying to engage with this SEC and trying to create substance and a way out of like-minded comments the agency is making,” Sheila Warren, CEO of the Crypto Council for Innovation, told Cointelegraph. “Are we really going to allow one agency in the United States to determine the entire path to innovation for the entire country, especially if that agency refuses to engage with the industry it is trying to regulate?”
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and innovations to drive public acceptance and global integration of the emerging technology. His desires to educate people about cryptocurrencies have inspired his contributions to popular blockchain-based media and websites. Benjamin Godfrey is a fan of sports and farming.