Coinbase CEO Brian Armstrong said that an anti-crypto stance is a bad political strategy for the 2024 elections and cited reasons why millions of young people are betting on digital assets.
In a post from December 19th on X (formerly Twitter), the Coinbase boss listed five reasons why the candidates are better are in a position to be more pro-crypto than the other way around after it was revealed that the anti-crypto law was written by players in the traditional financial world.
Senators Warren and Marshall now lobbying for big banks 🙃
Being anti-crypto is a really bad political strategy going into 2024
* 52m Americans have used crypto
* 38% of young people say crypto can increase economic opportunities
* just 9% of Americans satisfied with the… https://t.co/diawa3LOX5— Brian Armstrong (@brian_armstrong) December 19, 2023
“Senators Warren and Marshall are now lobbying big banks. Being anti-crypto is a really bad political strategy for 2024.”
Coinbase CEO Brian Armstrong said that an anti-crypto stance is a bad political strategy
Armstrong posted a video of Sen Roger Marshall, in which he explains that the Digital Assets Anti-Money Laundering Bill from the American Banking Association (ABA) was designed to curb money laundering and related crimes, and in which he also contradicts critics of the sector who claim that “crypto is a tool for criminals.”
According to him, 52 million Americans have used digital assets and this growing number is due to the benefits of blockchain technology. Recent data also supports this claim, with Web3 skills increasing sharply in several countries over the past 12 months.
Additionally, 38% of young people see cryptocurrencies as an important tool to promote economic activities in their country. He added that only 9% of the country is satisfied with the current financial system, including the fact that crypto prices are up 90% year-to-date (YTD).
Finally, standwithcrypto.org is on its way to 1 million voters who want clear and accurate crypto policies for the growth of the market. The facts presented by the CEO show that market sentiment has increased across various categories this year.
Commentators supporting digital assets have argued for growth to be driven by web3 as global markets continue to attract net investors and create new hubs. Users have also criticized the closed system of centralized finance run by a few people, as opposed to an open decentralized model.
Armstrong has remained at the forefront of promoting digital assets, calling on regulators to enact comprehensive rules that guarantee investments and protect all sectors, rather than the current approach of judicial enforcement.
The Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase for allegedly offering registered securities services. Coinbase has emphasized that it will defend itself vigorously and continues to advocate for clearer rules in the US market.
US Senator criticizes efforts by industry lobby
The Digital Assets Anti-Money Laundering Law aims to subject companies in the virtual assets market to stricter regulations. Additionally, Senator Elizabeth Warren has criticized the American Blockchain Association’s recent lobbying efforts to block rules against the use of cryptocurrencies for terrorist financing.
⚡️ Elizabeth Warren Opposes Blockchain Lobbying Efforts, Writes Letter to Association – What’s Going On?
Sen @SenWarren has opposed the growing cryptocurrency lobbying efforts in Washington.#CryptoNews #cryptocurrencyhttps://t.co/jUS9SxLie4
— Cryptonews.com (@cryptonews) December 19, 2023
The senator addressed the association in a letter on December 18, raising ethical questions because the organization uses former military and business officials in its lobbying efforts. For its part, the Blockchain Association has already mentioned that it is not against regulation, but supports fair and responsible rules.
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