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Coinbase CEO Says an Anti-Crypto Stance is a Bad Political Strategy Ahead of 2024

Coinbase CEO Brian Armstrong stated that an anti-crypto posture will be a disastrous political strategy for 2024, explaining why millions of young people support digital assets.

The Coinbase CEO stated five reasons why candidates are better off being pro-crypto on X (previously Twitter) on December 19, after discovering that traditional financial actors had written the anti-crypto law.

Warren and Marshall are now lobbying large banks. Being anti-crypto in 2024 is a horrible political strategy.”

Armstrong shared a video of Sen. Roger Marshall saying the Digital Assets Anti-Money Laundering Bill was created by the American Banking Association (ABA) to stop money laundering and related crimes, repeating opponents who said “crypto is a tool for criminals.”

He claims that 52 million Americans have utilized digital assets, a number that is expanding due to blockchain technology. These findings are supported by recent web literacy increases in various jurisdictions over the past year.

Additionally, 38% of young people believe cryptocurrencies are essential to economic growth in their country. He noted that just 9% of the country is pleased with the banking system, despite crypto values rising 90% YTD.

Lastly, standwithcrypto.org is approaching 1 million voters who demand clear and correct crypto policies for market growth. The CEO provided data showing market sentiment increased across categories this year.

Pro-digital assets experts argue that Web3 will drive expansion as global marketplaces draw net investors and build new centers. Compared to a decentralized approach, users have criticized the closed, centralized financial system operated by a few.

Armstrong has led the pro-digital assets narrative and urged regulators to enact comprehensive laws that guarantee investments and safeguard all industries instead of judicial enforcement.

The SEC sued Coinbase for selling registered securities services. Coinbase has strongly defended itself and pushed for clearer US market rules.

Senators criticize industry lobbying efforts

The Digital Assets Anti-Money Laundering Law aims to regulate enterprises entering the virtual asset market. Sen. Elizabeth Warren also condemned the American Blockchain Association’s work to thwart cryptocurrency terror funding legislation.

The Senator wrote to the group on December 18, citing ethical concerns as it recruits former military and economic enforcement personnel to advocate. Previous statements by the blockchain organization said that they favor fair and reasonable regulation.

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