In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong emphasized the importance of securing regulatory clarity for the crypto industry. He called for a unified effort to support pro-crypto political candidates and vote out anti-crypto incumbents. Armstrong highlighted the significant investment that Coinbase has made in policy efforts and reiterated the company’s commitment to continue these investments as crypto regulations evolve globally.
Armstrong outlined two primary paths to achieving regulatory clarity: creating new case law through the courts and passing new legislation through Congress. However, he acknowledged the challenges posed by the current political climate, stating that in a divided government, the default is inaction unless the cost of inaction outweighs doing the right thing.
To navigate these challenges, Armstrong called for a bipartisan effort to elect pro-crypto candidates and remove anti-crypto politicians from office. With 52 million Americans owning digital assets, Armstrong emphasized that the crypto community is a significant and diverse portion of the electorate. He added that crypto owners are younger, more racially diverse, and cut across political lines.
StandWithCrypto.org, a grassroots movement supported by Coinbase, has garnered over 900,000 advocates nationwide, particularly in battleground states like Georgia and Arizona. These advocates have actively engaged with their congressional representatives, influencing key legislative votes. Coinbase plans to support StandWithCrypto.org in mobilizing over 1 million advocates by Labor Day, providing resources such as candidate scorecards, tools for contacting representatives, donation options, and voter registration assistance.
Armstrong identified key political races for the House, Senate, and Presidency as crucial for the future of crypto legislation. He urged crypto holders to participate in upcoming elections and support pro-crypto candidates, emphasizing the need for clear rules that protect consumers and foster innovation in America. Armstrong concluded by highlighting the necessity of updated financial infrastructure and economic freedom in the crypto industry.
The fight for regulatory clarity in the crypto industry requires a united effort to support pro-crypto political candidates and remove anti-crypto incumbents from office. With a significant and diverse portion of the electorate owning digital assets, the crypto community must actively engage in policy efforts to shape the future of crypto legislation. Through grassroots movements like StandWithCrypto.org and active participation in political races, the industry can strive towards achieving regulatory clarity and fostering innovation in America.
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