The CEO of the US-based cryptocurrency exchange Coinbase has argued that crypto lobbying needs to be supported before the upcoming 2024 elections.
Statement from Coinbase CEO!
In a recent interview with Ryan Selkis, the founder of cryptocurrency analytics firm Messari, Coinbase CEO Brian Armstrong stated that US-based cryptocurrency companies are facing an “unfair” regulatory environment. According to Armstrong, some members of the government are making it difficult for the crypto sector to thrive. In his remarks, he said:
It seems like this year, we, like many of you, have had to turn our attention towards politics. We are currently in a truly unjust environment where every new initiative in the field faces a court subpoena or a Wells notice. There is a concerted and focused effort to restrict and kill this sector. Specifically, I think the two actors I see as most responsible for this are probably SEC Chairman Gary Gensler and Elizabeth Warren.
“Effort is Needed in the Crypto Space!”
Armstrong says that the views of Gensler and Warren are not necessarily shared by other members of the government. The CEO of Coinbase also emphasized the need for the industry to accelerate its lobbying efforts before the 2024 elections if it wants to see meaningful change in the regulatory environment. In his analysis, he highlighted the following:
Their views don’t represent the rest of the US government that I’ve interacted with… Congress members are very thoughtful about this. They are very reasonable. They understand that this sector has a lot of innovation potential and they want to protect consumers with reasonable regulations. So, we need to make sure that the SEC doesn’t become a weapon for a few rogue actors’ political agenda. To do that, the crypto industry will need to be a bit more sophisticated and powerful in our lobbying efforts.
Earlier this month, Coinbase launched a 14-month initiative called “Stand With Crypto,” urging cryptocurrency holders to engage with their representatives and advocate for crypto-friendly laws.
