- Coinbase increased its spending on political activity due coming 2024 US election
- Company welcomes bilateral crypto initiatives and is confident that such a regulation approach is possible
Coinbase is set to increase political spending in the context of the upcoming U.S. election.
CFO Alesia Haas emphasized that the purpose of this is to support initiatives that address global challenges in the field of cryptocurrency regulation.
Coinbase CEO Brian Armstrong is confident in the possibility of bipartisan pro-crypto initiatives and expects the crypto environment to improve regardless of party.
Coinbase’s Political Spending Amid Elections
Coinbase plans to increase political activity ahead of the US election. According to Alesia Haas, this is due to the need to build a clear regulatory framework for the cryptocurrency industry. In June, the company already gave 25 million dollars to Fairshake’s political action committee (PAC), which confirms its intentions to influence political processes.
“When it comes to our mission to increase economic freedom by expanding the adoption of cryptocurrencies, we are deeply involved in political efforts.”
Regulatory Initiatives and the Role of Crypto
Coinbase is also actively involved in global regulatory initiatives, which was an important topic at the Citi TMT conference. Haas noted that the company is positive about bilateral efforts to create regulations to support cryptocurrencies.
Coinbase CEO Brian Armstrong expressed confidence that:
“The next administration, whether Democrat or Republican, will be constructive on cryptocurrency. The rhetoric has shifted … there is real energy within both the House and the Senate to pass meaningful legislation.”
Coinbase also touted its success in launching Ethereum exchange-traded funds (ETFs), an important step for regulation.
Conclusion
Lately, Coinbase has been at the center of political and regulatory stories, which is very much affecting their business.
And at the same time, being one of the most influential crypto platforms can have a huge impact on public opinion, which in turn affects political and legislative acts.
It’s a wise decision, and we’ll see how it plays out in the near future.
