Coinbase CEO Urges Fair Crypto Laws Amid Growing Political Attention
The CEO of Coinbase, Brian Armstrong, has recently voiced concerns about certain US Senators' approach toward cryptocurrencies.
He highlighted the potential repercussions of being opposed to crypto, especially in light of the upcoming 2024 elections.
According to insights shared by The Chamber of Digital Commerce, Senators Marshall and Warren attempted to rally support from the American Bankers Association for an anti-crypto bill, an action that Armstrong criticized, suggesting collaboration with major financial entities.
Amid these challenges, Armstrong underscored the increasing impact of cryptocurrencies in the US, noting that over 52 million Americans are actively engaged in the crypto community. He emphasized a generational divide, where many younger individuals perceive crypto as a pathway to economic improvement compared to the limited support for the existing economic system.
In advocating for reasonable crypto policies, Armstrong encouraged his extensive base of over 1 million crypto supporters to participate in the Stand With Crypto voting initiative. He stressed the significance of public opinion in influencing Congress’s decisions regarding crypto regulations, asserting that lawmakers would not likely vote affirmatively without hearing from the public.
In response to the FTX crisis, Senators Warren and Marshall introduced a bill in December 2022 aimed at subjecting cryptocurrencies to the same anti-money laundering regulations as banks and other financial institutions.