In an interview with CNBC, Brian Armstrong, Co-Founder and CEO of Coinbase, discussed the growing influence of crypto in U.S. politics. Speaking with the interviewer, Armstrong recalled how, about five or six years ago, Coinbase realized that crypto was becoming significant enough to require active engagement in policy discussions. He started traveling to Washington D.C. to meet with lawmakers, initially once or twice a year, and these visits soon became more frequent, happening about once a quarter.
Armstrong noted that in the early stages, many lawmakers were unfamiliar with crypto, with one person even asking him if it was “some kind of video game.” Today, however, he explained that the conversation has dramatically shifted. When he visits D.C. now, everyone knows what crypto is, and the focus has moved to how to create clear rules and legislation. According to Armstrong, members of Congress are aware that Europe has already passed crypto legislation, and the lack of clarity in the U.S. has hurt the country, pushing much of the crypto activity offshore and causing harm to consumers.
He highlighted that there is now a broad consensus and excitement in Congress about passing crypto legislation. Armstrong shared that he spends most of his time advocating for these efforts. As the election approaches, tensions are rising, and Armstrong noted that one key fact resonates with lawmakers: one in three voters have said that crypto will influence their choice of candidates. This emergence of the “crypto voter” has become a major factor in the election.
At a recent Stand with Crypto event, Armstrong mentioned that 1.4 million people have pledged to elect pro-crypto candidates. He believes that reminding people of the size and importance of the crypto voting bloc has had a strong impact. Armstrong also referenced organizations like Fair Shake, which have begun running ads, although he was not certain how they decide on the content. He suggested that including crypto in these ads could energize voters even more.
He explained that voters want to elect candidates who support building crypto technology in the U.S. and defending their right to use crypto. Many people, Armstrong said, feel they have been treated like criminals in recent years, and he called this treatment unacceptable in a free country like America.
Armstrong emphasized that the “crypto voter” is real, and he is eager to see how it will influence the November election. He explained that voters are not only paying attention to the presidential race, but also to Senate and House elections, as these legislators will have a direct impact on crypto regulation. He mentioned that Stand with Crypto has successfully engaged over 100 candidates, getting them to fill out questionnaires and creating scorecards based on public statements and voting records. He believes that voters want to see crypto advocates at every level of government.
On the broader development of crypto, Armstrong said that he is happy to see more people involved, as he believes crypto can help modernize the financial system. He noted that while crypto initially focused on trading, it has now shifted towards utility, particularly payments. He cited stablecoins as an example of this shift, pointing out that there was $10 trillion in stablecoin volume last year, with expectations for that to grow 2-3x year-over-year, calling it a “huge growth story.”
Featured Image via Coinbase
