April 19, 2024
Coinbase CEO, Opposing Crypto is Poor Political Strategy
Latest Cryptocurrency News

Coinbase CEO: Opposing Crypto is Poor Political Strategy

According to an entrepreneur, 38% of young individuals believe that cryptocurrency has the potential to enhance economic opportunities. Coinbase CEO Brian Armstrong has articulated his perspective on why adopting a stringent stance on crypto proves strategically ineffective for U.S. politicians eyeing the 2024 elections.

On December 19, Armstrong shared a video featuring U.S. Senator Roger Marshall acknowledging the involvement of the American Bankers Association (ABA) in formulating the Digital Asset Anti-Money Laundering Act, commonly referred to as the “crypto ban” bill. Armstrong delineated five reasons supporting his belief that “being anti-crypto is a really bad political strategy going into 2024.”

Firstly, Armstrong highlighted that 52 million U.S. citizens are crypto holders. Secondly, he noted that 38% of young people perceive cryptocurrency as a means to augment economic opportunities. Additionally, Armstrong pointed out that crypto prices have surged by 90% year-to-date, coupled with only 9% of Americans expressing satisfaction with the existing financial system.

The fifth reason, according to Armstrong, is the growing support for the Stand With Crypto Alliance, a 501(c)(4) nonprofit advocating for the crypto industry, which is reportedly progressing towards one million supporters.

While Armstrong did not provide specific sources for the mentioned data, it appears that most of the figures originated from a Coinbase report published in October 2023. The information was gleaned from surveys conducted primarily by Morning Consult’s polling firm during the summer and fall of 2023.

The Digital Asset Anti-Money Laundering Act, initially introduced in December 2022, aims to subject crypto technologies, including noncustodial wallets, validators, and mining pools, to rigorous banking regulations in the United States.

As of December 2023, the bill gained support from five additional senators, three of whom are members of the Banking Committee. Moreover, the Bank Policy Institute, a U.S. banking advocacy group, endorsed the anti-crypto legislation proposed by Senator Elizabeth Warren.

Image by Wikimedia Commons

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