Armstrong’s Political Picks: A Push for Crypto-Friendly Leadership
Brian Armstrong, the CEO and co-founder of Coinbase, is making waves in the political arena by backing a slate of Republican Senate candidates who champion digital asset innovation. Armstrong’s endorsements are squarely aimed at advancing crypto-friendly policies in Washington, particularly those that support a more open and fair regulatory environment for cryptocurrencies.
In a series of posts on X (formerly Twitter) on October 20, Armstrong threw his support behind two Republican contenders: John Deaton, a prominent lawyer known for advocating on behalf of XRP holders, and David McCormick, a former CEO of Bridgewater Associates who is running for Senate in Pennsylvania. Both candidates are staunch defenders of cryptocurrency and digital assets—positions that have earned them Armstrong’s vote.
The Crypto Case for McCormick and Deaton
Armstrong’s political endorsements are rooted in the belief that pro-crypto leaders are essential to securing the future of digital finance in the U.S. “If you live in Pennsylvania, you should vote for David McCormick,” Armstrong wrote on X, praising McCormick as “the better candidate on crypto.” He went on to share a poll showing that voters were rallying behind the Republican candidate, underscoring McCormick’s strong support among crypto enthusiasts.
As for John Deaton, Armstrong’s endorsement carries extra weight given Deaton’s role in the XRP legal saga. Deaton has become a significant voice in the crypto space, particularly for his fight against the SEC’s aggressive stance on Ripple and its token. Armstrong’s message was clear: Deaton is the right man to challenge Massachusetts Senator Elizabeth Warren, who has been a vocal critic of crypto.
In a pointed post, Armstrong slammed Warren, accusing her of enabling policies that hindered the crypto industry’s growth in the U.S. He called out Warren for her role in helping appoint Gary Gensler as SEC chair, a move that Armstrong believes led to the SEC’s attempts to “kill the crypto industry.” According to Armstrong, Warren’s vision for financial services aligns more closely with China’s centralized model than the decentralized, innovation-driven future that crypto represents.
“She is anti-freedom,” Armstrong tweeted, adding that Warren’s policies had done “enormous harm to this country.” With these fiery words, Armstrong made it clear: he’s all in for leaders who back crypto’s potential to reshape the financial world.
Armstrong’s Political Neutrality… With a Twist
While Armstrong has made his support for these Senate candidates public, he has yet to endorse a presidential contender. In August, he made waves with a statement suggesting that whoever wins the White House in 2024, the new administration will likely be “constructive” on crypto policy. Armstrong sees crypto advocates as a rising political force that’s pushing for policies that benefit the industry. He believes that lawmakers on both sides of the aisle are starting to take crypto seriously and are more motivated than ever to pass clear, fair legislation on digital assets.
For years, Coinbase has maintained a policy of staying out of the political fray, focusing instead on its mission to promote cryptocurrency adoption. In fact, back in 2020, Armstrong published a blog post asserting that Coinbase was an “apolitical” company, dedicated to its mission without getting bogged down in political debates.
However, as the crypto industry has become more politically charged, Coinbase has slowly shifted gears. In May of 2023, the company launched Stand With Crypto, a political action initiative aimed at backing candidates who support “common-sense crypto policy.” Armstrong’s recent endorsements suggest that Coinbase is now more willing than ever to engage with the political process, especially when it comes to protecting and promoting the crypto space.
Why It Matters: The Growing Power of the Crypto Vote
Armstrong’s move is just one example of how the crypto community is becoming a powerful voting bloc, with its own interests at stake in upcoming elections. As digital assets continue to grow in popularity, more and more candidates are aligning themselves with crypto-friendly policies. This trend signals a shift in Washington, where the conversation around crypto is beginning to move from skepticism and regulation to recognition of its potential.
Whether Armstrong’s picks in the Senate races will help tip the scales in favor of pro-crypto policies remains to be seen. However, one thing is clear: with high-profile figures like Armstrong backing crypto-savvy candidates, the crypto lobby is only going to get louder—and harder to ignore.
As we head into the 2024 elections, it’s evident that the battle for crypto’s future in the U.S. is heating up. Will Armstrong’s chosen candidates help reshape the regulatory landscape for digital assets? Only time will tell. But with major players in the industry stepping up to back political change, the stakes have never been higher.
