Coinbase, the leading cryptocurrency exchange, is taking a bold new approach to influencing U.S. tech policies. After years of failed lobbying efforts, CEO Brian Armstrong announced a fresh plan to channel funds toward pro-innovation candidates, aiming to reshape Washington’s stance on tech and crypto.
Brian Armstrong’s Plan to Revolutionize Tech Policy
In a recent post on social media platform X, Armstrong shared his frustration with traditional lobbying strategies:
“Tech will continue to have lots of influence in DC as long as we keep supporting candidates who are pro-tech and pro-business, regardless of which party they are in.”
He criticized the tech industry’s past approach of donating to politicians who were often skeptical of innovation:
“Most tech policy for the last decade was giving money to people who hated us, to try and ameliorate them. This totally failed (and should have been obvious in hindsight).”
Armstrong’s remarks came in response to a post by Newlimit co-founder Blake Byers, who observed a shift in political influence from Wall Street to Silicon Valley, driven by pro-tech Republican candidates.
A New Era for Crypto and Emerging Technologies
The crypto and tech industries are increasingly frustrated with outdated lobbying tactics, which prioritize appeasing lawmakers rather than fostering growth. With rising scrutiny on cryptocurrencies, blockchain technology, and AI, Armstrong advocates for supporting candidates who prioritize innovation and economic development.
This strategy marks a significant shift from the past, where companies spread donations across parties to reduce regulatory pressures. Instead, Coinbase is doubling down on selective, meaningful contributions to pro-crypto candidates.
“Stand with Crypto” Campaign Gains Momentum
Coinbase’s new vision is already taking shape through its “Stand with Crypto” initiative, a grassroots campaign uniting millions of voters behind crypto-friendly policies. The campaign seeks to protect blockchain and digital asset innovation from restrictive regulations, ensuring a thriving future for the industry.
Crypto Industry Supports Pro-Crypto Candidates
As the 2024 election approaches, the cryptocurrency industry has shown strong support for Donald Trump due to his favorable stance on digital assets. Several companies, including Ripple, Coinbase, and Kraken, have made substantial donations:
- Ripple pledged $5 million in XRP to Trump’s inaugural committee.
- Coinbase and Kraken each contributed $1 million to support pro-crypto policies.
Final Thoughts
Coinbase’s shift from traditional lobbying to targeted support for pro-innovation candidates signals a new era for crypto and tech policy in Washington. By rallying millions through initiatives like Stand with Crypto, the company is leading efforts to create a supportive regulatory environment for blockchain and digital assets, ensuring the U.S. remains at the forefront of technological innovation.
