Coinbase CEO Brian Armstrong said the exchange intends to begin donating to pro-cryptocurrency candidates in the U.S. election. Additionally, the statement comes a day after the company received Wells' notice from the U.S. Securities and Exchange Commission (SEC).
Specifically, Armstrong urged cryptocurrency users to "elect pro-crypto candidates." It also noted that the exchange will work to organize cryptocurrency users in favor of candidates who could have a positive impact on the industry as a whole.
The issue between the digital asset industry and regulation has been a topic of debate since its inception. Now, as the SEC ramps up its enforcement efforts against cryptocurrency companies, one of the largest U.S. exchanges has made a political case for the industry. Specifically, Coinbase CEO Brian Armstrong announced the exchange’s intention to begin donating to pro-cryptocurrency candidates in the U.S. election. Additionally, Armstrong called on listeners on a recent Twitter Space to start raising their voices in the political arena.
“What we’re going to do is start posting content where people can contact their congressman, donate to a pro-crypto candidate, show up at town halls, and have your voice heard,” Armstrong said. "We will elect pro-crypto candidates in this country to ensure our success."
The decision comes after Coinbase received a notification from Wells from the U.S. Securities and Exchange Commission (SEC), after which enforcement action may be taken against the exchange. So with a slew of companies being targeted by regulators, political action appears to be the best way forward for the hte industry.
