Coinbase CEO Brian Armstrong has spoken out against the anti-crypto stance taken by some US Senators. Armstrong’s criticism comes as Senators Marshall and Warren seek support for a new anti-crypto bill, a move that the Coinbase CEO considers unwise, particularly in the run-up to the 2024 elections.
The Chamber of Digital Commerce revealed the senators’ efforts to gain support from the American Bankers Association for their anti-crypto legislation.
In response, Armstrong accused the senators of siding with major banks, indicating a concerning collaboration that could stymie the cryptocurrency industry’s progress.
Despite these difficulties, Armstrong shed light on the growing importance of crypto in the United States.
With over 52 million Americans actively participating in the crypto community, he emphasized digital assets’ growing importance.
Notably, Armstrong emphasized that a sizable portion of the younger demographic sees cryptocurrencies as a way to boost the economy, calling into question the traditional economic outlook held by a smaller segment of the population.
Armstrong, in a proactive move, urged his large user base of over 1 million crypto enthusiasts to actively advocate for sensible crypto policies.
He encouraged supporters to express their views through the Stand With Crypto voting system, claiming that public sentiment can influence Congress’s decisions on crypto regulations.
The backdrop for this advocacy effort is the introduction of a bill by Senators Warren and Marshall in response to the FTX crisis in December 2022.
The proposed legislation would subject crypto to the same anti-money laundering regulations as traditional banks and financial institutions.
As the crypto community faces regulatory scrutiny, Armstrong’s call to action aims to ensure that crypto laws are fair and balanced, with input from the general public.
