Coinbase CEO Brian Armstrong: Being anti-crypto is ‘really bad political strategy’

Coinbase CEO Brian Armstrong has explained why he believes a tough stance on crypto is strategically ineffective for United States politicians hoping to get elected in 2024. 

On Dec. 19, Armstrong posted a video of U.S. Senator Roger Marshall admitting that the American Bankers Association (ABA) helped to craft the Digital Asset Anti-Money Laundering Act, also known as the “crypto ban” bill. The entrepreneur suggested five reasons he believes “being anti-crypto is a really bad political strategy going into 2024.”

First, Armstrong wrote that 52 million U.S. citizens hold crypto. Second, 38% of young people believe crypto can increase economic opportunities. Also, crypto prices are up 90% year-to-date, while only 9% of Americans are “satisfied with the current financial system.”

The fifth reason, according to Armstrong, is that the Stand With Crypto Alliance, a 501(c)(4) nonprofit advocating the crypto industry among elected politicians, is “on its way” to one million supporters.

Senators Warren and Marshall now lobbying for big banks

Being anti-crypto is a really bad political strategy going into 2024

* 52m Americans have used crypto
* 38% of young people say crypto can increase economic opportunities
* just 9% of Americans satisfied with the… https://t.co/diawa3LOX5

— Brian Armstrong ️ (@brian_armstrong) December 19, 2023

Related: Sen. Warren calls out crypto industry’s revolving door of Washington insiders

Armstrong didn’t provide any sources for the data he mentioned, but most of the numbers he cited seem to come from a Coinbase report published in October 2023. The information is based on surveys conducted chiefly by Morning Consult’s polling firm in the summer and fall of 2023.

The Digital Asset Anti-Money Laundering Act, first introduced in December 2022, aims to bring crypto technology, such as noncustodial wallets, validators and mining pools, under strict banking regulations in the United States.

In December 2023, the bill garnered support from five additional senators, three of whom are members of the Banking Committee. Additionally, the Bank Policy Institute, a U.S. banking advocacy group, has endorsed the anti-crypto legislation proposed by Senator Elizabeth Warren.

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