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Author: Coinbase CEO Brian Armstrong; Compiled by Deng Tong, Bitchain Vision
Coinbase is a company that doesn’t care about politics, issues that have nothing to do with our mission.But when it comes to our mission to increase economic freedom by increasing adoption of cryptocurrencies, we are deeply involved in policy making.We have invested a lot of money in policy making so far and we plan to continue investing in the next decade as crypto rules are formed around the world.This is a key part of our defense of customer rights and promoting economic freedom.
There are 52 million Americans own cryptocurrency¹, and there are many candidates for both parties who support cryptocurrency.Some congressional leaders who have long been disconnected from voters have tried to eliminate the cryptocurrency industry from the United States.They don’t believe in economic freedom and hope that cryptocurrencies do not exist, but the American people continue to see the benefits of cryptocurrencies, which is why the industry and technology continue to thrive.
20% of the U.S. adult population with cryptocurrencies are younger and more racially diverse, crossing the boundaries of political and ideological.
At the time of writing, StandWithCrypto.org has gathered more than 900,000 supporters nationwide — including battlefield states such as Georgia and Arizona, where supporters of “cryptocurrency support” are far outpacingThe voting gap between President Biden and President Trump in 2020.More than 200,000 “pro-cryptocurrency” supporters have contacted their members of Congress, which recently helped the U.S. House and Senate hold key votes on SAB121 and FIT21.
Getting regulatory clarity will be the main determinant of how cryptocurrencies will be adopted around the world in the coming decades, we have seen recent progress, such as the FIT21 bill passed with strong bipartisan support from the U.S. House.I think now is a good time to share our strategy at Coinbase to help ensure we gain regulatory clarity, protect consumers from harm while maintaining the innovative potential of this technology.
How do we get regulatory clarity?
We can get regulatory clarity from the courts by creating new case law, and we can get regulatory clarity from Congress if Congress chooses to pass new legislation, as many countries have already done.But we have seen that this can take a long time and a small number of opponents can cause big problems.In the United States, a bill to become law must pass the House and the Senate and be signed into law by the president.In our split government, nothing happens by default unless the cost of inaction is greater than doing the right thing.
This leads us to an important conclusion: the best way to get regulatory clarity in a democratic country is to elect pro-cryptocurrency candidates from both parties and vote to get anti-cryptocurrency candidates out of office.This must be the result of a joint effort between the two parties, because the passage of legislation requires bipartisan support, and the proportion of Democrats (22%), Republicans (18%) and independents (22%) own cryptocurrency equals.²
This seems to be an obvious point, but it draws some less obvious conclusions.First, as a company, we have spent countless hours meeting politicians and candidates who oppose cryptocurrencies in an attempt to convince them to accept our position.While we are willing to talk to everyone, even the toughest critics, we no longer need to support them.In fact,We need to work hard to get candidates against cryptocurrencies out of office and focus on supporting candidates who support cryptocurrencies.
Secondly, since the two parties must work together to pass legislation, we will not give special treatment to a particular party.Cryptocurrency is a truly bipartisan issue with important supporters on both sides.This means we will take the same standards for both parties and will not change our actions based on partisanship.Cryptocurrencies have driven economic freedom, democratization of the financial system, and the needs of people with unbanked and underbanked accounts.These are important priorities for the left and right, which is why cryptocurrencies should not and should not be partisanized.
Unless we send a clear message to political candidates that opposing cryptocurrency is bad politics, cryptocurrency voters won’t be taken seriously.Therefore, the simple conclusion is,We need to support pro-cryptocurrency candidates from both parties and vote unceremoniously to get anti-cryptocurrency candidates out of office.
What resources do we have to utilize?
First, StandWithCrypto.org is a grassroots movement that by Labor Day, there will be more than 1 million supporters who want to elect candidates who support cryptocurrencies.We will do our best to support StandWithCrypto.org and help it grow.The faster it grows, the more it can’t be ignored by cryptocurrency voters.There are candidate scorecards, tools to contact representatives, donation options and tools to help sign up for voting.
Second, we have funded Fairshake SuperPAC with others in the industry to help elect candidates who support cryptocurrencies and defend the rights of our clients.At the time of writing, Coinbase donated another $25 million in USDC, bringing the total amount of funds raised by Fairshake and its affiliates to $160 million during the election cycle, making it one of the largest SuperPACs.
Which political campaigns are important?
From a U.S. perspective, dozens of campaigns in the House and Senate are currently vital to the upcoming November election, with one candidate who supports cryptocurrency running, and many of these candidates who support cryptocurrency are among themAll are likely to win.The House and Senate help decide which cryptocurrency legislation will be passed, so increasing the number of members supporting cryptocurrencies is crucial.
The presidential campaign is also important because the president appoints key figures in his administration (such as the SEC chairman, finance minister, etc.) and can veto legislation.
Summarize
52 million Americans own cryptocurrency.They want clear rules to protect consumers and allow innovation to happen in the United States.Now is the time to make such a change.We want to update our financial system, which is outdated in many ways and provides the world with better financial infrastructure to promote economic freedom.We now need to send a strong message by electing candidates representing our values in November.
References
¹Source: Morning Consult Quarterly Cryptocurrency Adoption and Perspectives
² Source: US Cryptocurrency Cognitive Research, Q1 2023, Morning Consult
