Coinbase Inc. COIN CEO Brian Armstrong has emphasized his company's mission as extending beyond merely modernizing the financial system, arguing that increasing "economic freedom" sometimes requires resisting overreach by governments.
What Happened: Armstrong posted on X (formerly Twitter), where he stressed that Coinbase’s mission includes standing up against "bad government," a stance he links directly to his belief in the transformative power of cryptocurrency.
In a post-election analysis, Armstrong highlighted a recent shift in U.S. politics that he sees as pro-crypto, attributing it to a growing appetite among Americans for financial alternatives and innovation in digital assets.
Armstrong's "crypto lens" reflections followed the election of 257 pro-crypto lawmakers to the U.S. House of Representatives—a result he views as a signal that opposition to cryptocurrency could now be politically disadvantageous.
The Ohio Senate race emerged as a focal point in Armstrong's argument, where pro-crypto candidate Bernie Moreno (R-Ohio) defeated one of crypto's prominent critics, Sherrod Brown (D-Ohio).
Armstrong suggested that this election outcome reflects the growing influence of the crypto sector on U.S. politics. "DC received a clear message that being anti-crypto is a good way to end your career," he commented.
Armstrong's advocacy aligns closely with the “StandWithCrypto” initiative, a grassroots campaign championed by Coinbase to mobilize voters in support of crypto-friendly policies.
The initiative has gained traction, mobilizing millions of voters committed to pushing back against restrictive regulations and aiming to secure favorable crypto legislation by 2026.
Armstrong has also been vocal in criticizing individuals like Senator Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler for, in his view, attempting to "unlawfully kill" the cryptocurrency industry.
He contends that figures like Warren and Gensler represent a stance that conflicts with the public's desire for "economic freedom" rather than restrictive government regulation.
Reflecting on the election outcome, Armstrong argued that voters had rejected these efforts, favoring a financial system that emphasizes individual autonomy and innovation.
Looking ahead, Armstrong sees bipartisan support as essential for advancing the crypto agenda and ensuring sensible legislation.
He noted that Coinbase and other industry leaders, including Andreessen Horowitz, are working through Political Action Committees (PACs) like Fairshake to secure policies that protect the industry.
Coinbase’s mission has thus expanded to include not only a drive for financial innovation but also a clear stance on advocating for political alignment around crypto-friendly policies—a theme expected to be explored further at Benzinga's upcoming Future of Digital Assets on Nov. 19, where Armstrong is slated to share more insights.
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