Coinbase CEO Unveils Bold Plan to End Decade of Failed Policies, Reinvest Tech Funds into New Initiatives, and Invest Millions to Reshape Washington’s Future.
Coinbase Ends Decade of Failed Policies — Armstrong Unveils Bold New Plan
Cryptocurrency exchange Coinbase (NASDAQ: COIN ) CEO Brian Armstrong has emerged as a key leader in reshaping the tech industry’s path to Washington, D.C.
“While we continue to support candidates who are strong on technology and business, regardless of their party affiliation, tech will continue to have a strong influence in Washington,” Armstrong said in a post on the social media platform X on Monday. The Coinbase CEO added:
“It’s a complete failure (in hindsight),” he said. His comments were in response to a post on X by Newlimit co-founder Blake Byers, who wrote: “Silicon Valley has taken over Wall Street and is taking over Washington, D.C.” Interestingly, this is the case for elected Republicans even as the Democratic Party continues to hold the majority of tech jobs. We’re a few years behind the cultural influence of technology disrupting Hollywood, but it’s happening faster than I thought.
Armstrong’s position reflects Silicon Valley’s growing opposition to traditional lobbying practices that focus on distracting lawmakers from driving long-term growth. . His opposition reflects a broader shift in the tech industry, where companies have previously distributed political donations to groups to ease regulatory pressure. As scrutiny of cryptocurrencies, artificial intelligence and new technologies continues to increase, Armstrong advocates supporting candidates who support innovation and economic growth, rather than working to politicians are skeptical of these institutions.
This approach came about through Coinbase’s “Pro-Crypto” campaign, a grassroots campaign aimed at gathering voter support for crypto-friendly legislation. The movement has attracted millions of supporters who want to see policies that develop blockchain technology and digital assets instead of restricting them with restrictive laws. Ahead of the 2024 election, the cryptocurrency industry has been supporting Donald Trump’s campaign due to his pro-crypto stance. Digital Assets also made a special donation to his inauguration. Ripple pledged $5 million in XRP to the Trump-Vance inauguration committee, while Coinbase and Kraken each donated $1 million.
