Brian Armstrong, the co-founder and CEO of Coinbase, has publicly endorsed several Republican candidates for the United States Senate in the upcoming November elections. Armstrong’s endorsements, shared via his X account on October 20, signal a strategic alignment with candidates who are supportive of cryptocurrency policies.
Armstrong’s political endorsements include John Deaton, a pro-XRP lawyer running for a Senate seat in Massachusetts, and David McCormick, a former CEO of Bridgewater Associates, who is contesting in Pennsylvania. Both candidates are prominent figures within the Republican Party and have expressed favorable positions towards the cryptocurrency sector.
Reasons Behind the Endorsements
In his social media posts, Armstrong articulated his reasons for endorsing these candidates, particularly highlighting their positive stance on cryptocurrency. For Pennsylvania, Armstrong specifically urged voters to support McCormick, citing his superior understanding and support of crypto-related issues compared to his competitors.
In a separate endorsement, Armstrong backed Deaton against Senator Elizabeth Warren of Massachusetts, criticizing Warren for her skeptical view of the cryptocurrency industry. Armstrong accused Warren of appointing Gary Gensler as the chairman of the Securities and Exchange Commission (SEC) and alleging that she influenced policies aimed at stifling the growth of the crypto industry in the U.S.
Armstrong’s critique extends to Warren’s broader financial policies, which he compares unfavorably with China’s state-controlled model. He describes her as “anti-freedom” and asserts that her approach has caused considerable harm to the United States, particularly in the realm of financial services.
Coinbase’s Evolving Political Stance
While Armstrong has made specific endorsements for the Senate, he has not extended similar support for any presidential candidates. His comments in August suggested optimism for crypto advocacy regardless of the election outcome, emphasizing the significant influence of the crypto community as a voting bloc and the bipartisan interest in advancing crypto legislation.
Historically, Coinbase maintained an “apolitical” stance, as reflected in Armstrong’s 2020 blog post advocating for a mission-focused approach centered on cryptocurrency adoption. However, recent actions, including the launch of Coinbase’s advocacy project “Stand With Crypto,” indicate a shift towards more active political engagement. This project has pledged to endorse candidates who support sensible cryptocurrency policies in both the Senate and the House of Representatives.
Brian Armstrong’s endorsements reflect a strategic shift in Coinbase’s approach, from a neutral stance to active political participation, aimed at fostering a legislative environment conducive to the growth and mainstream acceptance of cryptocurrencies. As the political landscape evolves, the crypto community’s engagement is set to play a pivotal role in shaping policies that will determine the future of digital finance in the U.S. and beyond.
