Coinbase’s Brian Armstrong: ‘Protect the value of your crypto’ by contacting politicians
Despite not wanting employees to engage in politics, Coinbase believes that crypto is “inherently political”
Coinbase CEO Brian Armstrong | Source: TechCrunch "775208327GB00107_TechCrunch" (CC license)
Brian Armstrong is advocating for Americans to contact their representatives and push them to vote ‘yes’ on a new crop of crypto bills being marked up this week on Capitol Hill.
“Important action you can take to protect the value of your crypto in America,” Armstrong said in his tweet, linking to a landing page on Coinbase’s site. The page leads viewers to ActNow, saying, “We need your help to make sure the legislative process keeps moving forward.”
Armstrong’s tweet comes two years after Coinbase sought to clarify its stance on political discussions inside the workplace. Initially, Coinbase said it did not want employees to “debate causes or political candidates internally that are unrelated to work.”
Still, Coinbase clarified in a later blog post that crypto is “inherently political” and therefore it was “ok being political about this one particular area because it relates to our mission.”
Coinbase also restricted “activism outside of our core mission at work.”
“If there is a bill introduced around crypto, we may engage here, but we normally wouldn’t engage in policy decisions around healthcare or education for example,” the initial blog post said at the time.
The company has followed through with its stance on using its platform for crypto politics. It ran a nationwide advertising campaign that sought to help push policymakers to understand the importance of crypto.
Coinbase and Armstrong have used their political positioning to push lawmakers for regulatory clarity after the crypto exchange was slapped with a Wells notice and, later, a lawsuit from the SEC this year.
Coinbase is currently engaged in multiple lawsuits with the SEC.
Armstrong, alongside Coinbase Chief Legal Officer Paul Grewal, have utilized their social media platforms to voice support for legislation centered on crypto.
Grewal pushed for legislation in order to be “taken seriously as a nation,” and he asked Congress to enact digital asset regulation “without delay.”
Lawmakers on the Hill are debating proposed legislation around stablecoins and crypto this week.
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