Coinbase CEO: How to Make Cryptocurrency Regulation Clear?
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Coinbase CEO: How to Make Cryptocurrency Regulation Clear?
Cryptocurrency has the support of 52 million Americans. We need to back bipartisan candidates who support crypto and vote out those who oppose it.
Navigating Web3 tides with focused insightsAuthor: Brian Armstrong
Translation: Kate, Mars Finance
Coinbase is a non-political company when it comes to issues unrelated to our mission. However, when it comes to advancing our mission of increasing economic freedom through greater cryptocurrency adoption, we are deeply engaged in policy efforts. We've already invested heavily in these policy initiatives and plan to continue doing so over the next decade as crypto regulations take shape globally. This is a critical part of defending our customers' rights and promoting economic freedom.
52 million Americans now own cryptocurrency, and there are many pro-crypto candidates across both parties. For years, some out-of-touch congressional leaders have tried to eliminate the crypto industry from the United States. They don’t believe in economic freedom and wish crypto didn’t exist—but the American people continue to see the benefits of crypto, which is why the industry and technology keep thriving.
Twenty percent of American adults who own crypto are younger, more racially diverse, and span political ideologies. They’re asking for an alternative to a fragmented, bureaucratic system filled with gatekeepers, delays, and fees. They’re demanding a voice in the next election.
As of this writing, StandWithCrypto.org has gathered over 900,000 supporters nationwide—including in battleground states like Georgia and Arizona, where the number of pro-crypto supporters far exceeds the 2020 vote margin between President Biden and President Trump. More than 200,000 crypto supporters have contacted their members of Congress, recently helping drive key votes in both the U.S. House and Senate on SAB121 and FIT21.
Regulatory clarity will be the primary determinant of global crypto adoption over the coming decades. We’ve already seen recent progress, such as the passage of the FIT21 bill in the U.S. House with strong bipartisan support. Now seems like the right time to share our strategy at Coinbase to help ensure we achieve regulatory transparency, protect consumers from harm, and preserve the innovative potential of this technology.
How do we achieve regulatory clarity?
We can gain regulatory clarity from courts by establishing new case law, or from Congress if they choose to pass new legislation—as they’ve done in many countries. But we’ve seen that this can take a long time, and a small number of determined opponents can create major obstacles. In the United States, for a bill to become law, it must pass both chambers of Congress and be signed by the President. In our divided government, the default outcome is inaction—unless the cost of doing nothing outweighs the cost of doing the right thing.
This leads us to an important conclusion: the best way to achieve regulatory clarity in a democracy is to elect pro-crypto candidates and vote out anti-crypto ones—on both sides of the aisle. This must be a bipartisan effort because passing legislation requires support from both parties, and ownership of crypto is roughly equal among Democrats (22%), Republicans (18%), and Independents (22%).
This may seem obvious, but it leads to some less obvious conclusions. First, as a company, we’ve spent countless hours meeting with anti-crypto politicians and candidates, trying to persuade them of our position. While we remain open to dialogue with everyone—even our harshest critics—we no longer need to support them. In fact, we must actively work to defeat anti-crypto candidates and focus instead on supporting those who back crypto.
Second, because both parties must cooperate to pass legislation, we won’t give special treatment to any one party. Crypto is a truly bipartisan issue, with important champions on both sides. This means we’ll hold both parties to the same standard and not shift our actions based on partisan affiliation. Cryptocurrency advances economic freedom, democratizes the financial system, and meets the needs of the unbanked and underbanked—priorities that matter deeply to both the left and the right. That’s why crypto is, and should remain, beyond partisan politics.
Unless we send a clear message to political candidates that being anti-crypto is bad politics, crypto voters won’t be taken seriously. The straightforward conclusion, then, is that we must support pro-crypto candidates from both parties and decisively vote out those who oppose crypto.
What resources are available?
First, StandWithCrypto.org is a grassroots movement that will have over one million supporters by Labor Day—people who want to elect pro-crypto candidates. We will do everything we can to support StandWithCrypto.org and help it grow. The more it grows, the more crypto voters become an undeniable political force. It offers candidate scorecards, tools to contact your representatives, donation options, and voter registration assistance.
Second, along with other companies in the industry, we helped fund the Fairshake SuperPAC to support pro-crypto candidates and defend our customers’ rights. As of this writing, Coinbase has donated another $25 million in USDC to Fairshake, bringing the total raised by Fairshake and its affiliates in this election cycle to $160 million—making it one of the largest SuperPACs.
Which races matter?
From a U.S. perspective, dozens of House and Senate races in the upcoming November elections are critical—featuring pro-crypto candidates, many of whom are well-positioned to win. The House and Senate play a key role in determining which crypto legislation passes, so increasing the number of pro-crypto members is essential.
The presidential race also matters, as the President makes key appointments (such as SEC Chair, Treasury Secretary, etc.) and can veto legislation.
You can view a list of key races in November provided by StandWithCrypto.org here.
How can you help?
If you believe it’s important to elect pro-crypto candidates, you can help make it happen.
If you’re a crypto holder and want to send a clear message to your elected officials this November—that you oppose unwarranted attacks on crypto and demand clear rules—please sign up at StandWithCrypto.org here. Call or email your representatives, donate to pro-crypto candidates, share your experience on social media, review your candidate scorecard, and make sure you’re registered to vote in November.
If you run a crypto company, I encourage you to donate to Fairshake and become a partner of StandWithCrypto to help protect your customers’ rights.
Fifty-two million Americans own cryptocurrency. They want clear rules to protect consumers and allow innovation to thrive in the United States. Now is the time for change. We seek to modernize our outdated financial systems in many ways and build better financial infrastructure for a world that promotes economic freedom. Now, we need to send a strong message in November: elect candidates who represent our values.
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