Coinbase CEO Urges Users to Vote for Crypto Enthusiasts in Political Elections

Brian Armstrong, CEO of cryptocurrency exchange Coinbase, urged users to vote for political candidates who support the crypto industry in order to oppose the US SEC.

During a discussion on Twitter Spaces, Brian Armstrong stated that The coinbase team will do everything possible to turn the 50 million US citizens using cryptocurrencies into a unified political force. Armstrong explained that the exchange will give people the ability to contact members of Congress and send donations to crypto-supporting candidates.

According to Armstrong, Coinbase will do everything to ensure that the voice of the people is heard, and that the cryptocurrency industry is “destined to succeed” in the United States. Last year, Coinbase announced that it would inform users about the actions of political leaders regarding cryptocurrencies.

Armstrong's recent announcement came after the US Securities and Exchange Commission (SEC) notified the exchange that it could sue it for selling unregistered securities. Armstrong urged subscribers to support a petition against the regulator, which claims that betting services are not related to securities. Earlier, Coinbase General Counsel Paul Grewal explained why securities laws should not apply to betting services.

Crypto Council for Innovation (CCI) CEO Sheila Warren added that crypto companies have spent a huge amount of resources trying to engage with the SEC to clarify the regulation of cryptocurrencies.

“Are we going to let one American regulator determine the entire trajectory of innovation for the entire country? Especially if that regulator refuses to engage with the industry it is trying to regulate? The 20% of Americans who own cryptocurrencies are voters who can make a difference if they get to the point of saying, “Warren is outraged.

Recall that last year, the CEO of Coinbase said that he was ready to stop participating in Ethereum rates if required by regulators.