Author: Coinbase CEO Brian Armstrong; Translator: Deng Tong, Golden Finance
Coinbase is an apolitical company and does not care about issues that are not related to our mission. But when it comes to our mission to increase economic freedom by increasing the adoption of cryptocurrency, we are deeply involved in policy making. To date, we have invested heavily in policy making and plan to continue investing as crypto rules are formed around the world over the next decade. This is a key part of our defense of customer rights and promotion of economic freedom.
There are 52 million Americans who own cryptocurrency¹, and there are many candidates on both sides of the aisle who support cryptocurrency. For a long time, some congressional leaders who are out of touch with voters have tried to wipe the cryptocurrency industry out of the United States. They don't believe in economic freedom and wish cryptocurrency didn't exist, but the American people continue to see the benefits of cryptocurrency, which is why the industry and technology continue to thrive.
The 20% of American adults who own cryptocurrency are younger, more racially diverse, and cross political ideological lines.
At the time of writing, StandWithCrypto.org has gathered over 900,000 supporters across the country — including in battleground states like Georgia and Arizona, where the number of “Yes on Crypto” supporters far outweighs the voting gap between President Biden and President Trump in 2020. Over 200,000 “Yes on Crypto” supporters have contacted their members of Congress, which recently helped lead to critical votes on SAB121 and FIT21 in the U.S. House and Senate.
Obtaining regulatory clarity will be a major determinant of how cryptocurrency is adopted around the world in the coming decades, and we’ve seen recent progress, such as the FIT21 bill passing the U.S. House of Representatives with strong bipartisan support. I thought now would be a good time to share our strategy at Coinbase to help ensure we obtain regulatory clarity and protect consumers from harm while maintaining the innovative potential of this technology.
We can get regulatory clarity from the courts by developing new case law, or from Congress if Congress chooses to pass new legislation, as many countries have done. But we have seen that this can take a long time, and a small number of dissenters can cause big problems. In the United States, for a bill to become law, it must pass the House and Senate and be signed into law by the President. In our divided government, the default is that nothing happens unless the cost of inaction is greater than doing the right thing.
This brings us to an important conclusion: the best way to get regulatory clarity in a democracy is to elect pro-crypto candidates from both parties and vote anti-crypto candidates out of office. This must be a bipartisan effort, as bipartisan support is required for legislation to pass, and equal shares of Democrats (22%), Republicans (18%), and Independents (22%) own cryptocurrency.²
This may seem like an obvious point, but it leads to some less obvious conclusions. First, as a company, we have spent countless hours meeting with politicians and candidates who oppose cryptocurrency, trying to convince them of our position. While we are willing to talk to everyone, even the harshest critics, we no longer need to support them. In fact, we need to work to remove candidates who oppose cryptocurrency from office and focus on supporting candidates who support cryptocurrency.
Second, because it takes a bipartisan effort to pass legislation, we will not give special treatment to one particular party. Cryptocurrency is a truly bipartisan issue with significant supporters on both sides. This means that we will hold both parties to the same standard and will not change our actions based on party affiliation. Crypto advances issues such as economic freedom, democratization of the financial system, and the needs of the unbanked and underbanked. These are important priorities for both the left and the right, which is why cryptocurrency is not and should not be partisan.
Unless we send a clear message to political candidates that being against crypto is bad politics, crypto voters will not be taken seriously. So the simple conclusion is, we need to support pro-crypto candidates on both sides of the aisle and vote anti-crypto candidates out of office without hesitation.
First, StandWithCrypto.org is a grassroots movement that will have over 1 million supporters by Labor Day who want to elect pro-crypto candidates. We will do our best to support StandWithCrypto.org and help it grow. The faster it grows, the more crypto voters will be impossible to ignore. There are candidate scorecards, tools to contact representatives, donation options, and tools to help register to vote.
Second, we joined others in the industry in funding the Fairshake SuperPAC to help elect pro-crypto candidates and defend the rights of our customers. At the time of writing, Coinbase has donated an additional $25 million in USDC, bringing the total raised by Fairshake and its affiliates this election cycle to $160 million, making it one of the largest SuperPACs.
From a US perspective, there are dozens of House and Senate races that are currently critical to the upcoming November elections, with a pro-crypto candidate running, and many of these pro-crypto candidates have a chance to win. The House and Senate help decide what crypto legislation gets passed, so growing the number of pro-crypto members is critical.
The presidential race is also important, as the president appoints key people in his administration (e.g., SEC Chairman, Treasury Secretary, etc.) and can veto legislation.
52 million Americans own cryptocurrency. They want clear rules to protect consumers and allow innovation to happen in America. The time is now for that change. We want to update our financial system, which is in many ways outdated, and provide the world with a better financial infrastructure that promotes economic freedom. We need to send a strong message now in November by electing candidates who represent our values.
References
¹Source: Morning Consult Quarterly Crypto Adoption and Sentiment
²Source: U.S. Crypto Perception Study, Q1 2023, Morning Consult
Shou Zi Chew, a Singaporean CEO, transitioned from banking to lead TikTok, showcasing remarkable talent and resilience. His journey underscores Singapore's global presence in tech leadership and inspires future generations in the nation's dynamic landscape.
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