Coinbase CEO Advocates Against Anti-Crypto Stance as Unfavorable Political Strategy

Coinbase CEO Brian Armstrong asserts that taking an anti-crypto stance would be an ineffective political strategy for the 2024 elections, offering reasons tied to the widespread support for digital assets, particularly among the younger demographic.

Coinbase CEO Advocates Against Anti-Crypto Stance as Unfavorable Political Strategy

In a post on X (formerly Twitter) on Dec 19, Armstrong outlined five reasons supporting a pro-crypto stance for candidates, especially in light of revelations about an anti-crypto bill being drafted by traditional finance players. The post included a video of Sen. Roger Marshall discussing the Digital Assets Anti-Money Laundering Bill, allegedly drafted by the American Banking Association (ABA) to combat money laundering and related offenses, along with criticisms branding crypto as a tool for criminals.

Armstrong pointed out that 52 million Americans have engaged with digital assets, citing the growing adoption driven by the utilities offered by blockchain technology. Recent data reinforces this claim, showing a surge in web3 literacy in various jurisdictions over the past 12 months.

Additionally, Armstrong highlighted that 38% of young people consider cryptocurrencies crucial for driving economic activities in their countries. He emphasized that only 9% of the country is satisfied with the existing financial system, underscoring the dissatisfaction. Furthermore, he noted that crypto prices have seen a 90% year-to-date (YTD) increase, signaling the sector’s positive momentum.

Industry Lobbying Faces Criticism from US Senator

The Digital Assets Anti-Money Laundering law aims to subject firms in the virtual asset market to more stringent regulations. Additionally, Senator Elizabeth Warren has expressed disapproval of recent lobbying endeavors by the American Blockchain Association to oppose regulations targeting the use of cryptocurrencies in terror financing. In a letter addressed to the association on Dec 18, the Senator raised ethical concerns regarding the organization’s recruitment of former military and economic enforcement officials for lobbying purposes. In response, the Blockchain association clarified that they are not opposed to regulation but advocate for fair and responsible rules.