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Coinbase CEO Brian Armstrong announced the exchange’s intention to start making donations to political candidates who support cryptocurrency. His words came a day after the company received from the US Securities and Exchange Commission (SEC) the so-called Wells notice (it informs the SEC plans to initiate enforcement proceedings against the recipient).
Armstrong urged the community to “elect candidates who support cryptocurrencies.” He noted that the exchange will work to build a connection between cryptocurrency users and US election candidates that can positively impact the industry.
The tensions between the regulatory realm and the digital asset industry have been the subject of constant discussion since the emergence of the crypto sector. Now that the SEC is increasingly taking action against crypto companies, one of the largest US exchanges has decided to defend the industry in the political arena.
To this end, Coinbase CEO Brian Armstrong announced the exchange’s intention to start donating to politicians who speak out in favor of cryptocurrency. Moreover, Armstrong urged listeners of his recent Twitter Space talk to use their voices to influence the political arena.
What we’re going to do is start posting content where people can contact their congressman, donate to pro-cryptocurrency candidates, make themselves known to local governments…” Armstrong said.
We will elect candidates who support cryptocurrency in order to achieve success and well-being.
The initiative comes in response to Coinbase receiving a special notice from Wells that precedes a potential enforcement action against the exchange. With a string of companies targeted by the SEC, the political lobby seems like the industry’s best bet.
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