фото показано с : invezz.com

Coinbase’s CEO Brian Armstrong has placed a significant political bet on shaping US crypto policy, positioning his company as one of the top corporate donors in the 2024 election.

As the regulatory landscape tightens under the scrutiny of SEC Chair Gary Gensler, Armstrong, and his team have invested millions in Washington to advocate for favorable crypto regulations, hoping to transform the industry’s relationship with Capitol Hill.

With this influence, Coinbase aims to mitigate legal threats while advancing its role in a competitive and evolving market.

Since founding Coinbase in 2012, Brian Armstrong has shifted from avoiding politics to actively campaigning in Washington.

“About five or six years ago, we realized that crypto was getting big enough that we needed to engage actively in policy efforts,” Armstrong shared with CNBC.

Today, advocating for pro-crypto policies has become nearly a full-time commitment for him, with Coinbase spending more than $75 million this election cycle through its funding of the Fairshake group and its associated PACs, including a fresh pledge of $25 million for the 2026 midterms.

Facing legal challenges, including an SEC lawsuit alleging that Coinbase sells unregistered securities, Armstrong’s political efforts are critical to his company’s survival.

As the company battles the SEC in court, Armstrong is betting on a congressional shift in favor of crypto-friendly lawmakers, which he hopes will lessen the regulatory burdens on the industry.

Competitors like Crypto.com and the introduction of new Bitcoin and Ethereum funds, backed by giants like BlackRock, have also intensified the competitive environment for Coinbase.

Armstrong isn’t alone in seeking allies in Washington. Nearly half of all corporate donations this election come from crypto firms, with companies like Ripple Labs joining Coinbase in funding pro-crypto PACs.

Ripple Labs, dealing with its legal battles with the SEC, has contributed around $50 million to Fairshake.

“We need Congress to create federal statutes,” said Ripple’s US public policy head, Lauren Belive, highlighting concerns over the SEC’s broad enforcement.

For Coinbase, this election is not just about supporting individual candidates; it’s about changing the way lawmakers perceive the crypto industry.

The company’s Stand with Crypto Alliance has graded congressional candidates based on their stances on digital assets, pushing support toward those with favorable views on crypto regulation.

In the crucial Ohio Senate race, for example, the Alliance awarded Republican candidate Bernie Moreno, a blockchain entrepreneur, an “A” rating, while incumbent Democrat Sen. Sherrod Brown received an “F” due to his restrictive views on crypto.

As election day nears, Armstrong continues his visits to Washington, advocating for clearer crypto legislation.

His once-occasional trips have become frequent as more lawmakers recognize the growing economic footprint of digital assets.

In an interview, Armstrong remarked that early discussions were often focused on defining crypto, but now, the conversation has shifted to implementing legislation that reflects the industry’s complexities.

Coinbase’s influence has spurred a new type of voter—the “crypto voter.”

To galvanize this base, Stand with Crypto concluded its tour with a rally at The Black Cat, a popular Washington music venue, where Armstrong joined fellow crypto advocates to address attendees.

“The crypto voter is real, and we’ll see their impact in November,” Armstrong said, emphasizing the community’s growing political power.

The evening culminated with a performance by The Chainsmokers, whose song “Paris” echoed the sentiment of solidarity within the crypto community: “If we go down, then we go down together.”

With its heavy investment in political influence, Coinbase is banking on the 2024 election to reshape the US crypto landscape. While the SEC’s enforcement policies under Chair Gensler remain a pressing concern, Coinbase hopes that a more supportive Congress can deliver meaningful legislative frameworks for the industry.

As Armstrong continues to court political leaders and mobilize crypto advocates, Coinbase’s efforts underscore its belief that, with the right support, the crypto industry can thrive without constant regulatory uncertainty.

The post Coinbase's $75 million election gamble: could it change the course of US crypto policy? appeared first on Invezz

Similar to Notcoin - Blum - Airdrops In 2024

origin »

40 +