As a researcher with a keen interest in the intersection of technology and politics, I find myself intrigued by Brian Armstrong’s recent endorsements of pro-crypto Senate candidates. Having closely followed the crypto space for years, I can attest to the potential that digital assets hold for transforming our financial landscape.
In a recent development, Brian Armstrong – the co-founder and CEO of Coinbase – has publicly supported various Republican contenders running for seats in the U.S. Senate during the upcoming November elections.
On October 20th, Armstrong endorsed X in a move to back Senate candidates who are pro-cryptocurrency, such as pro-XRP attorney John Deaton and ex-CEO of Bridgewater Associates, David McCormick.
In this contest, two candidates are representing the Republican Party. Deaton is vying for a Senate position in Massachusetts, while McCormick is competing for a similar role in Pennsylvania.
Crypto reasons for endorsements
For residents of Pennsylvania, it’s recommended that you consider voting for David McCormick. Among the candidates, he stands out as the more favorable choice when it comes to cryptocurrencies. This suggestion is based on a recent poll by Coinbase, which shows increased backing for McCormick in this area.
On October 20th, in another post, the CEO of Coinbase publicly supported Deaton, a Republican contender aiming to replace Senator Elizabeth Warren, who has been critical of cryptocurrencies, within the Democratic Party.
According to Armstrong, it was Warren who nominated Gary Gensler for the position of chair at the Securities and Exchange Commission and urged him to take steps aimed at suppressing the cryptocurrency sector within the United States.
“Luckily, they did not succeed as we and others fought back,” Armstrong wrote, adding:
“She is anti-freedom, thinks the government should run all financial services (similar to China), and has done enormous harm to this country.”
Coinbase CEO has not endorsed a presidential candidate
In his support for Republican senators, Armstrong has chosen not to endorse any presidential candidate.
In August, it was allegedly stated by Armstrong that the upcoming U.S. administration, irrespective of its political affiliation, is expected to have a “constructive” approach towards cryptocurrencies.
Supporters of cryptocurrency are increasingly speaking up and having influence in political matters. Lawmakers from various parties are starting to pay attention, and there’s an increasing push for the approval of extensive regulations regarding cryptocurrencies.
Once recognized for its politically neutral position, a prominent American cryptocurrency exchange, Coinbase, has historically maintained such a stance.
2020 saw Armstrong pen a blog entry entitled “Coinbase: A Company Driven by Its Crypto Adoption Mission, Steering Clear of Political Matters.
Previously, the company was not active in politics. But recently, it has ventured into the political sphere. In particular, last May, Coinbase’s advocacy project, Stand With Crypto, declared that it would begin to endorse political candidates who support reasonable cryptocurrency policies within the US Senate and House of Representatives.
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2024-10-21 15:01