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Armstrong believes the future of crypto can best be moved forward when more pro-crypto lawmakers are at the helm of affairs.
Brian Armstrong, the Chief Executive Officer of American publicly listed trading platform, Coinbase Global Inc (NASDAQ: COIN) has advocated for more inclusive representation of pro-crypto individuals in US politics. Speaking in a Twitter Spaces event Armstrong admonished crypto proponents to “contact their congressman, donate to pro-crypto candidates, show up at town halls”.
The comments followed the move by the United States Securities and Exchange Commission (SEC) in sending the trading platform a Wells Notice implying there may be a regulatory crackdown underway. According to Armstrong, the exchange will start sponsoring pro-crypto candidates in US elections.
“What we’re going to do is start putting out content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, make your voice heard,” said the Coinbase CEO, adding that, “We are going to elect pro-crypto candidates in this country to make sure that our success is ensured.”
It remains unclear whether the US SEC will take any legal action against the exchange, however, the move from the regulator represents a similar step that has been taken against industry player Paxos Trust. For Coinbase, the SEC needs to be put in its place as it pursues regulatory actions based on the guidelines it has failed to provide in general.
Coinbase has been very vocal in calling out the SEC for its regulatory approach and style. The exchange, though publicly traded and regulated by the SEC, has had to watch its shoulders over some of its products including Coinbase Earn, its staking services, and some of the token listing services.
In a bid not to get in the crosshairs of the regulator, it had to delist XRP back in 2021 after the SEC filed the industry’s biggest lawsuit to date against blockchain payments firm Ripple Labs Inc.
Coinbase to Fight for Crypto Through Politics
The new approach by Coinbase to wade into Politics represents one of the exchange’s last resorts following a brawl it had with some of its employees and industry leaders when back in 2020, Armstrong prohibited mixing politics with business. At the time, some employees left the company according to a Coinspeaker report.
With the new stance, Armstrong is emphasizing how he believes the future of crypto can best be moved forward when more pro-crypto lawmakers are at the helm of affairs. The actions of the SEC have been receiving a consistent backlash with industry leaders bemoaning all futile attempts to sit at the negotiation table with the regulatory.
“A reprehensible amount of resources and brainpower have been spent in the U.S. trying to engage with this SEC and trying to create substance and a path out of the wraithlike comments issued by the agency,” Crypto Council for Innovation CEO Sheila Warren said to Cointelegraph. “Are we really going to allow one agency in the U.S. to set the entire trajectory of an innovation for the entire country, especially if that agency refuses to engage with the industry it is trying to regulate?”