In a recent blog post titled “How to get regulatory clarity for crypto,” Coinbase CEO Brian Armstrong has called for a united effort to secure regulatory clarity for the crypto industry. He emphasized the need for supporting pro-crypto political candidates and voting out anti-crypto incumbents. Armstrong highlighted the substantial investment Coinbase has made in policy efforts and reiterated the company’s commitment to continuing these investments as crypto regulations evolve globally.
The Challenges of Achieving Regulatory Clarity
Armstrong outlined two primary paths to achieve regulatory clarity: creating new case law through the courts and passing new legislation through Congress. However, he acknowledged the current difficulties posed by the divided political climate. He recognized that in the current government, the default is that nothing will happen unless the cost of inaction outweighs doing the right thing.
To address these challenges, Armstrong urged for a bipartisan effort to elect pro-crypto candidates and remove anti-crypto politicians from office. With 52 million Americans owning digital assets, he emphasized that the crypto community is a significant and diverse portion of the electorate. He pointed out that crypto owners are younger, more racially diverse, and cut across political lines, making crypto a bipartisan issue with supporters on both sides.
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 to contact representatives, donation options, and voter registration assistance.
Participation in Key Political Races
Armstrong identified key political races, including those for the House, Senate, and the Presidency, as crucial for the future of crypto legislation. He urged crypto holders to participate in the upcoming elections and support pro-crypto candidates, emphasizing the desire for clear rules that protect consumers and foster innovation within the crypto industry.
Armstrong stressed the importance of updated financial infrastructure and economic freedom in driving regulatory clarity for the crypto industry. It is evident that concerted efforts and advocacy are essential in shaping the regulatory landscape for cryptocurrencies, ensuring a conducive environment for growth and innovation.
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