Being anti-crypto is ‘really bad political strategy’

Coinbase CEO Brian Armstrong explained why he believes a strong stance on crypto is strategically ineffective for US politicians running for office in 2024.

On December 19, Armstrong released a video of U.S. Senator Roger Marshall acknowledging that the American Bankers Association (ABA) helped craft digital asset anti-counterfeiting legislation, known as the “crypto ban” bill. The entrepreneur outlined five reasons why he believes “being anti-crypto is a bad political strategy heading into 2024.”

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

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

Senators Warren and Marshall are now lobbying for the big banks.

Being anti-crypto is bad political strategy going into 2024.

*52 Million Americans Have Used Crypto* 38% of Young People Say Crypto Can Increase Economic Opportunities Only 9% of Americans Are Satisfied With… https://t.co/diawa3LOX5

— Brian Armstrong ️ (@brian_armstrong) December 19, 2023

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Armstrong did not provide any source for the information, but most of the numbers he cited appear to have come from a Coinbase report published in October 2023. The data is based primarily on summer and fall surveys conducted by Morning Consulting. of 2023.

Digital asset anti-money laundering, first introduced in December 2022, aims to bring crypto technology such as non-secured wallets, proofs and mining pools under strict banking regulations in the United States.

In the year In December 2023, the bill received the support of five more senators, three of whom are members of the Banking Committee. In addition, the Banking Policy Institute, a US banking policy advocacy group, endorsed anti-crypto legislation proposed by Senator Elizabeth Warren.

Magazine: Terrorism and the Israel-Gaza War Weaponized to Destroy Crypto.