Brian Armstrong, chief executive of US-based cryptocurrency exchange Coinbase, has renewed his call for crypto users to “vote pro-crypto candidates.”
In a Spaces Twitter discussion on March 23, Armstrong said Coinbase will make efforts to organize the approximately 50 million US citizens who use crypto into a political force. The statement follows the US Securities and Exchange Commission issuing a Wells Notice to crypto exchanges, advising of potential enforcement actions.
“What we’re going to do is start creating content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, let your voice be heard,” Coinbase CEO said. “We will elect pro-crypto candidates in this country to make sure our success is certain.”
Today at 1pm PT! join @brian_armstrong, @iampaulgrewal, @faryarshirzad and @chrislehane for a conversation about the SEC’s recent decision to enforce a non-existent rule. If the SEC wants to throw the rule book at crypto, they should have a rule book.https://t.co/7kgshcrmBy
— Coinbase (@coinbase) March 23, 2023
Armstrong’s call to action is the latest step by the Coinbase CEO that represents a change in attitude on mixing business and politics. In September 2020, he wrote a blog post saying that the exchange should not advocate “for specific causes or candidates internally that are not related to our mission because this is a distraction from our mission.”
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Since that 2020 shipment and after the initial public offering in April 2021, Coinbase executives have become more involved in US politics. Armstrong has met with US lawmakers and regulators, and chief policy officer Faryar Shirzad announced the creation of a voter registration portal in August 2022. In February, Coinbase called on users to “advance pro-crypto policies in all 435 Congressional Districts in the US.” Crypto435 campaign launch.
“If you think about 20% of Americans in crypto […] These are real voters who can make a difference if they vote,” said Coinbase’s head of US policy Kara Calvert.
It is unclear whether the SEC intends to take any enforcement action against Coinbase despite the Wells Notice. On Twitter Spaces, Armstrong renewed his call for listeners to support a petition to the financial regulator stating that staking would not qualify as a security subject for enforcement.
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This is a developing story, and further information will be added as it becomes available.