Originally published on: October 21, 2024
In a surprising move, Brian Armstrong, the co-founder and CEO of Coinbase, a leading cryptocurrency exchange, has thrown his support behind several Republican candidates for the United States Senate in the upcoming November elections.
Armstrong publicly endorsed two pro-crypto Senate candidates, including the well-known lawyer John Deaton and former Bridgewater Associates CEO David McCormick. Both candidates are running for Senate seats under the Republican Party banner in Massachusetts and Pennsylvania, respectively.
In a recent social media post, Armstrong urged voters in Pennsylvania to choose David McCormick, emphasizing that he is the better candidate when it comes to crypto-friendly policies. The post also highlighted a poll showing strong support for McCormick among voters.
Similarly, Armstrong also backed John Deaton, a Republican challenger aiming to unseat US Senator Elizabeth Warren, who has been critical of the crypto industry. Armstrong criticized Warren for allegedly appointing Gary Gensler as the chair of the Securities and Exchange Commission, with intentions to stifle the growth of the crypto sector.
While Armstrong has shown his support for Republican Senate candidates, he has refrained from endorsing any presidential candidate. In the past, Armstrong has expressed optimism about the future of crypto regulation in the US, regardless of which party takes the lead.
The move to endorse political candidates marks a departure from Coinbase’s previous “apolitical” stance. The company’s Stand With Crypto advocacy project has pledged to support candidates who champion “common-sense crypto policy” in Congress.
It is evident that crypto advocates, including influential figures like Brian Armstrong, are actively engaging in the political landscape to promote favorable policies for the crypto industry. This growing momentum underscores the need for comprehensive legislation to support the continued growth and innovation in the digital asset space.
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