Coinbase CEO calls on Americans to support crypto

Coinbase CEO calls on Americans to support crypto

Brian Armstrong, the CEO of Coinbase, is encouraging crypto enthusiasts in the U.S. to make their political opinions heard.

Armstrong and three other coinbase executives in a Twitter Space Thursday encouraged Americans to urge their local Congressman to adopt a pro-crypto stance, specifically through Crypto 435, an advocacy program coinbase launched in February.

The push came a day after the SEC sent a letter indicating the agency planned to file an enforcement action against the company. The letter, a Wells Notice, sought to allege that Coinbase violated securities laws. The SEC is running wild with enforcement action as a result of Coinbase promoting crypto as a source of jobs and innovation.

Cryptobase's US policy officer, Kara Calvert, emphasised the advancement of digital asset innovation in the United States. The fact that there are 50 million Americans, around 15% of the population, suggests that cryptoholders have power as a voting bloc.

Cryptocurrency's chief policy officer, Faryar Shirzad, said America should work to stay at the cutting edge of tech, whether it's biotech, semiconductors, AI, machine learning, or crypto.

Crypto is unique, though, because its innovation relies on volatile assets that trade in global, public markets without intermediaries. The SEC's goal is to stop individual investors from being at risk due to these assets, which have been attractive to opportunists and scammers.

The SEC has been exceptionally aggressive towards the crypto industry, effectively limiting its expansion in the U.S. by not providing clear regulatory guidelines.

Collins Belton, a well-known lawyer in the digital asset sector, said SEC Chairman Gary Gensler believes that most crypto assets are securities, that there is too much fraud in the space, and that there isn't enough disclosure to make crypto safe for retail.

Belton said there may be some political play affecting Gensler's actions too, as enforcement activity may be seen favorably within the Biden administration.

'' Now over the next few weeks is Congress is going to step up,'' he said. ll see bills introduced, hearings held, potentially actually movement on pieces of legislation.