Brian Armstrong, CEO of Coinbase (Nasdaq: COIN), has unveiled a transformative strategy to revamp how the tech industry interacts with policymakers in Washington, D.C.
Coinbase (Nasdaq: COIN) has unveiled a bold new strategy to revamp how the tech industry interacts with policymakers in Washington, D.C. Moving away from traditional lobbying efforts, which Armstrong said "totally failed," Coinbase will now channel its resources toward candidates who actively support technological innovation.
"Tech will continue to have lots of influence in DC as long as we keep supporting candidates who are pro-tech and pro-business, regardless of which party they are in," Armstrong said in a recent post on X (formerly Twitter). "It sounds crazy, but most tech policy for the last decade was giving money to people who hated us, to try and ameliorate them. This totally failed (and should have been obvious in hindsight)."
Coinbase's new approach was hinted at in Armstrong's earlier statements about the importance of supporting candidates who are pro-tech and pro-business, irrespective of their party affiliation. This strategy aims to foster relationships with policymakers who genuinely champion progress in blockchain, cryptocurrency, and other cutting-edge fields, rather than trying to appease legislators who are inherently skeptical of emerging technologies.
Coinbase's grassroots "Stand with Crypto" initiative has been at the forefront of the company's political strategy. The initiative aims to rally voter support for legislation that promotes blockchain technology and digital assets, with millions of supporters joining the movement to advocate for policies that nurture innovation instead of stifling it with restrictive regulations.
The campaign's momentum has extended beyond the U.S., with similar initiatives being launched in Canada and the U.K. By engaging the global crypto community, Coinbase aims to build a unified voice for the industry's future.
Coinbase has also established a Political Action Committee (PAC) under the "Stand with Crypto" banner, which identifies and supports pro-innovation candidates. This PAC aims to ensure the cryptocurrency industry has allies in key legislative positions who will champion forward-thinking policies.
In the lead-up to the 2024 U.S. presidential election, Coinbase and other major crypto players, like Ripple and Kraken, have made significant contributions to candidates with a pro-crypto stance. For instance, Coinbase pledged $1 million to President-elect Donald Trump's inauguration committee, while Ripple donated $5 million in XRP.
Armstrong's strategy also highlights a broader trend within the tech industry, which is shifting away from broad-spectrum lobbying and toward targeted advocacy for candidates and policies that directly align with technological growth.
By pivoting its political efforts to match its mission, Coinbase is well-positioned to play a pivotal role in shaping the future of crypto and blockchain technology.