Brian Armstrong, the COE of Coinbase Global Inc, an American publically traded bitcoin exchange, has campaigned for a more comprehensive representation of pro-crypto persons in US politics. Coinbase Global Inc is a publicly-traded company in the United States.
During his speech at a Twitter Spaces event (1), Armstrong urged cryptocurrency supporters to “call their congressman, give to pro-crypto politicians, and show up at town halls.”
The comments were made in response to a move by the United States SEC, which involved sending a Wells Notice to the trading platform. The notice suggested that there may be an ongoing regulatory crackdown.
Armstrong claims that the exchange will soon begin providing financial support to candidates running for office in the United States who support cryptocurrency.
The Chief Executive Officer of Coinbase stated,
“What we’re going to do is begin placing out information where individuals can approach their congressperson, donate to pro-crypto contestants, show up at town halls, and make your voice be heard.”
He also stated,
“We are going to nominate pro-crypto representatives in this nation to ensure our victory.”
It is not yet obvious whether the United States Securities and Exchange Commission will take any legal proceedings against the exchange; nonetheless, the move by the regulator marks a step analogous to one made against a major participant in the business known as Paxos Trust.
For Coinbase’s sake, the Securities and Exchange Commission (SEC) has to be put in its place as it seeks regulatory measures based on guidelines that it has consistently failed to give.
Coinbase has criticized the SEC regulatory strategy and manner fairly outspoken.
Even though it is publicly listed and controlled by the SEC, the exchange has been forced to keep a close eye on some of its services and products, such as Coinbase Earn, its staking platforms, as well as certain token listing services.
Following the filing of the most significant lawsuit in the industry’s history against blockchain payments company Ripple Labs Inc., the company was forced to delist XRP in 2021 to avoid coming under the scrutiny of the regulatory body.
Coinbase will advocate for cryptocurrency through political means
After getting into a fight with some of its workers and industry executives in 2020, when Armstrong forbade mixing politics and business, Coinbase is now taking a new strategy to become involved in politics.
This is one of the exchange’s last alternatives, and it comes after the exchange gets into a fight. According to a report, at the time in question, a number of workers resigned from their positions.
With this new stance, Armstrong is highlighting how he believes that the future of cryptocurrency can be advanced most effectively when more pro-crypto legislators are in charge of directing the nation’s affairs.
The actions of the SEC have been getting a persistent reaction, with sector leaders decrying all unsuccessful attempts to sit down at the bargaining table with the regulatory authority in question.
Sheila Warren, CEO of the Crypto Council for Innovation, recently said in an interview that
“an abhorrent amount of money and brain capacity has been expended in the United States attempting to communicate with this SEC and seek out content and a route away from the wraithlike remarks issued by the agency.
Are we really going to let one organization in the United States set the progression of advancement for the entire nation, particularly if that agency does not cooperate with the sector it is trying to regulate?”
Featured Image Source: TC (1.1)
