Crypto Updates

Coinbase Follows Ripple and a16z With $25,000,000 Crypto Advocacy Group Donation Ahead of US Elections: Report

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The CEO of Coinbase is laying out his plan to move crypto regulation forward.

In a new company blog post, Coinbase head Brian Armstrong argues clear crypto regulations should be a non-partisan issue.

“Coinbase is an apolitical company on issues unrelated to our mission. But when it comes to our mission of increasing economic freedom by growing the adoption of cryptocurrencies, we are deeply engaged in policy efforts.”

According to Armstrong, the best thing the 52 million Americans who own crypto can do to keep their crypto is to vote in pro-crypto politicians and vote out those who oppose it.

“This must be a bipartisan effort because getting legislation passed will require support from both parties and because an equal percentage of Democrats (22%), Republicans (18%), and Independents (22%) own crypto.”

For their efforts, Armstrong says Coinbase is meeting with anti-crypto figures in an attempt to change their mind. The CEO says Coinbase gives no special treatment to one party or political ideology.

In addition to supporting, Armstrong also announces that the crypto exchange has donated $25 million to Fairshake SuperPAC to help elect pro-crypto politicians.

“At the time of this writing, Coinbase has donated an additional $25 million in USDC, bringing the total Fairshake and its affiliates have raised to $160 million in this election cycle, making it one of the largest SuperPACs.”

Payments firm Ripple has also donated $25 million to Fairshake, along with investment giant Anderseen Horowtiz (a16z).

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