Coinbase’s lobbying group, Stand With Crypto, faced significant scrutiny after initially labeling Kamala Harris as a supporter of cryptocurrencies on their website. This label was quickly retracted following intense backlash, prompting a revision in how the organization scores politicians.
On September 23, Stand With Crypto awarded the Democratic presidential nominee, Kamala Harris, a “B” grade, indicating she supports cryptocurrencies. This decision was based on Harris’s statement made on September 22 during her election campaign, where she expressed support for innovative technologies, including digital assets, while emphasizing the need to protect consumers and investors.
However, the characterization of Harris as a crypto supporter sparked immediate criticism due to the perceived vagueness and infrequency of her statements on the topic. Within a day, the lobbying group updated Harris’s profile to reflect that there was “not enough information” to assign a definitive stance on her crypto position.
Changes to Scoring Methodology
In response to the backlash, Stand With Crypto’s executive director, Logan Dobson, announced on X (formerly Twitter) that the group had listened to feedback and made significant changes to their scoring system. Going forward, it would be more challenging for candidates to receive any grade, whether positive or negative. Dobson emphasized that the new system would require more comprehensive statements and details from candidates before assigning a score.
The adjustment by Stand With Crypto did not satisfy all critics. Wayne Vaughan, founder of Tierion, suggested on X that Harris’s score should indicate a lack of support for crypto, pointing to her role in what he views as the most anti-crypto administration in U.S. history. Similarly, Tom Shaughnessy, co-founder of Delphi Digital, and Brian Tubergen, co-founder of CoinList, criticized the initial favorable scoring of Harris based on a single, vague statement, calling it “absurd.”
Comparison with Donald Trump
In contrast, Stand With Crypto has marked Donald Trump as “strongly supports crypto,” citing his promotion of non-fungible token collections and news reports about his crypto earnings. However, the group has been selective in its citations, highlighting only one negative comment about cryptocurrencies made by Trump in 2019, where he mentioned that the value of Bitcoin and other cryptocurrencies is “based on thin air.” Notably, it omitted several of Trump’s other critical remarks about cryptocurrencies from 2021, including calling Bitcoin “a scam” and expressing concerns about cryptocurrencies competing against the dollar.
The incident underscores the challenges and controversies surrounding the scoring of politicians based on their support for complex issues like cryptocurrencies. It raises questions about the criteria and transparency of such scoring systems and the potential influence of political and financial interests
The revision of Kamala Harris’s crypto support rating by Stand With Crypto highlights the difficulties in evaluating politicians’ stances on nuanced technological issues. As cryptocurrencies continue to gain prominence in political discourse, the methods by which advocacy groups assess and communicate political support will remain a critical topic for both the crypto community and the broader electorate.
