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Coinbase CEO Advocates for Pro-Crypto Lawmakers after SEC Wells Notice

Coinbase CEO Brian Armstrong rallies crypto supporters to engage in politics and advocate for pro-crypto lawmakers in response to an SEC Wells notice.

Coinbase logo
Coinbase logo

Pro-Crypto Candidates: A Call to Action

Brian Armstrong, Coinbase CEO, has urged crypto supporters to contact their congressmen, donate to pro-crypto candidates, and attend town halls to establish clear crypto regulations. This follows the U.S. Securities and Exchange Commission (SEC) issuing a Wells notice to the crypto exchange, indicating potential enforcement action.

Mobilizing the Crypto Community

Armstrong expressed his intentions to transform the approximately 50 million U.S. crypto users into a political force during a Twitter Spaces discussion on March 23. He announced that Coinbase would create content to help users take action, aiming to elect pro-crypto candidates and secure the industry's success.

Coinbase CEO's Changing Stance on Politics

In contrast to his September 2020 blog post discouraging company involvement in politics, Armstrong has become increasingly engaged with U.S. lawmakers and regulators since Coinbase's initial public offering in April 2021. Notable developments include the launch of a voter registration portal and the Crypto435 campaign.

Times Square, Coinbase billboards
Times Square, Coinbase billboards

Crypto Users' Potential Impact on Elections

Coinbase's head of U.S. policy, Kara Calvert, emphasized the power of the 20% of Americans who own crypto, stating that their votes could significantly impact elections if they actively participate.

Uncertainty Surrounding SEC's Enforcement Actions

Despite the Wells notice, it remains to be seen if the SEC plans to take enforcement action against Coinbase. Chief Legal Officer Paul Grewal noted that the company had not been informed of any specific assets or services being targeted. Armstrong continues to advocate for a petition arguing that staking should not be considered a security under SEC enforcement.