Coinbase CEO: Being Anti-Crypto is a Bad Political Strategy

Coinbase CEO Brian Armstrong aimed this week at Senators Elizabeth Warren and Roger Marshall over their efforts to increase regulation of the crypto industry.

In a recent tweet, Armstrong referenced a video of Senator Marshall admitting that the American Bankers Association helped craft the Digital Asset Anti-Money Laundering Act, a bill viewed by many in crypto as an attempt to stifle innovation in the space.

Being anti-crypto is a bad political strategy

“Being anti-crypto is a really bad political strategy going into 2024,” the Coinbase CEO wrote, before highlighting statistics that show the growth and popularity of cryptocurrencies. He stated that 52 million Americans have used crypto, 38% of young people believe it can increase economic opportunities, and prices are up 90% year-to-date.

Also read: Ripple Gains Approval for European Expansion from Irish Regulator

The Coinbase chief also promoted “Stand With Crypto,” an advocacy campaign aiming to garner 1 million supporters for “sensible” crypto regulation policies. The implication was that the efforts by Senators Warren and Marshall were motivated more by big banks seeking to squelch a threat to their business than sensible policy in the public’s interest.

Armstrong has been an outspoken critic of the anti-crypto bill, which he argues imposes unreasonable reporting requirements on software developers and miners instead of targeting illegal activity.

For her part, Senator Warren has raised alarms about the risks posed by stablecoins and decentralized finance. While Coinbase and other crypto firms seek regulation that enables further innovation, increased oversight of the industry now appears imminent amid high-profile failures like FTX.

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