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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 crypto analytics firm Messari, Coinbase CEO Brian Armstrong stated that US-based crypto companies are facing an “unfair” regulatory environment. According to Armstrong, certain members of the government are making it difficult for the crypto sector to thrive. He said:
It seems that, like many of you, we have had to shift our focus to politics this year. We are currently in an unjust environment where every new initiative in the field is met with a court subpoena or a Wells notice. There is a concerted effort to restrict and kill this industry. Specifically, I believe the two actors most responsible for this are SEC Chairman Gary Gensler and Elizabeth Warren.
“Effort Is Needed in the Crypto Industry!”
Armstrong states that the views of Gensler and Warren do not necessarily represent those of other members of the government. The Coinbase CEO also emphasized the need for the industry to accelerate its lobbying efforts before the 2024 elections if it wants to see meaningful changes in the regulatory environment. He highlighted the following in his comments:
The views of the US government that I interact with do not represent the rest… Members of Congress are very thoughtful about this. They are very reasonable. They recognize the immense innovation potential of this sector and want to protect consumers with reasonable regulations. So we need to make sure that the SEC is not weaponized for the political agenda of a few rogue actors. To do this, the crypto industry will need to be more sophisticated and powerful in our lobbying activities.
Earlier this month, Coinbase launched a 14-month initiative called “Stand With Crypto,” urging crypto holders to reach out to their representatives and advocate for crypto-friendly laws.
