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Coinbase announces support for cryptocurrency-friendly political candidates in upcoming US election

Coinbase CEO Brian Armstrong recently announced that the company will be supporting pro-cryptocurrency candidates in the upcoming US elections by urging the crypto community to vote for politicians who are positive towards the industry. In addition, the company aims to rally its over 50 million crypto users in the US to voice their opinions in the political arena.

The statement comes a day after the US Securities and Exchange Commission (SEC) sent a Wells Notice to Coinbase, a warning letter typically sent to a company before the SEC files a lawsuit or takes legal action.

According to AZCoin News, the regulatory body accused Coinbase’s immediate trading service, Coinbase Earn, Coinbase Prime, and Coinbase Wallet of violating federal securities laws. However, Armstrong assured the community that Coinbase would help connect them with lawmakers and contribute to pro-crypto candidates’ campaigns. “We will be voting for crypto-friendly candidates in the US to ensure our success,” he announced on Twitter Space.

Armstrong’s call for action shows a change in his stance on the relationship between business operations and politics. In September 2020, he wrote a blog post arguing that the exchange should not support “any specific candidate because it detracts from our primary mission.”

Since then, Coinbase’s executives have become more publicly involved in US politics. Armstrong has met with lawmakers and US regulatory agencies, while Chief Policy Officer Faryar Shirzad announced the creation of a voter registration portal in August 2022. Earlier this year, Coinbase called on users to “influence crypto policy in all 435 congressional districts across the United States” through the Crypto435 campaign.

“20% of Americans own cryptocurrency… these are real voters who care about this race and can make a difference if they use their ballots,” said Kara Calvert, Coinbase’s head of US policy.

There is currently no information on whether the SEC has filed a lawsuit against Coinbase. Paul Grewal, Coinbase’s Chief Legal Officer, emphasized that they have not received notice of any planned lawsuit against any of their assets or services. Sheila Warren, CEO of the Crypto Council for Innovation (CCI), urged people not to let the SEC decide the future of innovation for the country, especially when the agency refuses to participate in the field they want to regulate.

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