Coinbase CEO Brian Armstrong recently shared his perspective on why adopting a hardline stance against cryptocurrencies could be a politically unwise move for U.S. politicians in the 2024 elections.
On December 19, Armstrong posted a video featuring U.S. Senator Roger Marshall, who revealed that the American Bankers Association (ABA) played a role in drafting the Digital Asset Anti-Money Laundering Act, also referred to as the “crypto ban” bill. Armstrong outlined five key reasons why he thinks being anti-crypto is not a good political strategy for the upcoming election.
Firstly, Armstrong noted that there are 52 million crypto holders in the U.S. Secondly, he mentioned that 38% of young Americans see crypto as a means to enhance economic opportunities. Thirdly, he highlighted the significant increase in crypto prices, which are up by 90% year-to-date, contrasting this with the fact that only 9% of Americans feel satisfied with the current financial system.
The fourth point Armstrong made was about the growing support for the Stand With Crypto Alliance, a 501(c)(4) nonprofit organization advocating for the crypto industry among elected officials. He claimed that this alliance is nearing one million supporters.
While Armstrong did not cite specific sources for these statistics, most of the figures he referred to appear to be from a Coinbase report published in October 2023. This report was based on surveys primarily conducted by Morning Consult’s polling firm in the summer and fall of 2023.
The Digital Asset Anti-Money Laundering Act, introduced in December 2022, seeks to impose stringent banking regulations on various aspects of crypto technology in the U.S., including noncustodial wallets, validators, and mining pools.
As of December 2023, the bill has gained additional support from five senators, three of whom are members of the Banking Committee. Furthermore, the Bank Policy Institute, a banking advocacy group in the U.S., has expressed its support for the anti-crypto legislation proposed by Senator Elizabeth Warren.
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