Coinbase CEO Brian Armstrong recently highlighted the urgent need for regulatory clarity in the crypto industry. In his blog post titled “How to get regulatory clarity for crypto,” Armstrong emphasized the importance of supporting pro-crypto political candidates and voting out anti-crypto incumbents. He stressed the significance of actively participating in the political process to ensure a favorable regulatory environment for the crypto industry.
Armstrong acknowledged the challenges posed by the current political climate, where gridlock and polarization often hinder progress. He highlighted the two primary paths to achieving regulatory clarity: creating new case law through the courts and passing new legislation through Congress. However, he noted that in a divided government, meaningful action requires a concerted effort to outweigh the costs of inaction.
With 52 million Americans owning digital assets, Armstrong underscored the importance of the crypto community in advocating for regulatory clarity. He described crypto owners as a diverse group that transcends traditional political labels, emphasizing the bipartisan nature of the issue. Armstrong called on the community to actively participate in the upcoming elections by supporting pro-crypto candidates and voicing their concerns to elected representatives.
StandWithCrypto.org, a grassroots movement supported by Coinbase, has emerged as a key player in advocating for regulatory clarity. With over 900,000 advocates nationwide, the movement has actively engaged congressional representatives and influenced key legislative votes. Coinbase plans to mobilize over 1 million advocates by Labor Day, providing resources such as candidate scorecards, tools for contacting representatives, donation options, and voter registration assistance.
Driving Change in Political Races
Armstrong identified key political races for the House, Senate, and the Presidency as critical for shaping the future of crypto legislation. He urged crypto holders to participate in these elections and support candidates who prioritize clear rules that protect consumers and foster innovation in the crypto industry. By leveraging the collective power of the crypto community, Armstrong believes that updated financial infrastructure and economic freedom can be achieved.
Securing regulatory clarity for the crypto industry requires a concerted effort from all stakeholders. By engaging in advocacy, supporting pro-crypto candidates, and actively participating in the political process, the crypto community can drive meaningful change and ensure a favorable regulatory environment for innovation and growth.
