Coinbase CEO Brian Armstrong has publicly endorsed Pennsylvania Senate candidate Dave McCormick and Massachusetts Senate hopeful John Deaton.
Both are strong cryptocurrency proponents and have earned ‘A’s from the pro-crypto Stand With Crypto. The crowd of endorsements that Armstrong has accrued is huge for the crypto community as we approach the 2024 elections.
Leading the Pennsylvania Senate race for the first time, McCormick obtained the backing of Armstrong after he was seen as favorable toward digital assets.
Armstrong admired McCormick’s credentials, saying he strove for sensible crypto regulations promoting innovation and job growth. Instead, McCormick has said that embracing blockchain technology is the way to go concerning Pennsylvania’s economy and national security.
Armstrong’s backing of McCormick indicates the increasing role of coins in political campaigns. McCormick pleaded for Congress to accept crypto, warning it could fall behind the rest of the world if that doesn’t happen. That’s given his pro-crypto platform traction with voters and an increasingly close Senate race.
Coinbase’s Deaton Endorses John Deaton for Senate
Brian Armstrong has also endorsed John Deaton, a Massachusetts Senate candidate. Stand With Crypto highlighted Deaton’s pro-crypto policies, which align with ours. Although Deaton’s campaign is an uphill battle in the polls, the crypto community has taken note.
Deaton’s endorsement from Armstrong is a brazen push against Senator Elizabeth Warren, a digital asset foe, known.
Warren has also pushed the Digital Assets Anti-Money Laundering Act, which would extend banking regulations to crypto providers. Warren’s approach is one that Armstrong criticized as stifling innovation and killing America’s crypto industry.
While Deaton trails in the Massachusetts Senate race, Armstrong’s public support has energized his base of pro-crypto voters.
The endorsement has made Deaton a critical figure in Washington’s broader push for pro-crypto legislation. The race’s outcome could have significant implications for the future of crypto regulations in the U.S.
Crypto Community Pushes Back Against Warren’s Regulations
Brian Armstrong has also criticized Senator Elizabeth Warren and SEC Chair Gary Gensler for their stance on crypto regulation. According to him, both were pursuing harmful policies that would stifle the growth and innovation of the U.S. crypto industry.
Armstrong argued that regulating by enforcement—enforced by the country’s reserve bank—harms businesses and freedom of financial freedom.
Elizabeth Warren has been a longtime critic of cryptocurrency, arguing that it’s prone to be used in illicit activities like money laundering and terrorism funding.
Like other lawmakers, she wants to establish stricter rules around crypto transactions, similar to those in the conventional banking world. Armstrong’s endorsement of Deaton shows another split over crypto policy in U.S. politics, even though Warren has maintained a consistent lead for the Massachusetts Senate race.
Armstrong criticized Gensler for aggressive enforcement actions against crypto companies that Armstrong believes are unlawful.
The Coinbase CEO has often favored clearer regulatory frameworks over enforcement-based approaches. But his public statements have struck a chord with the crypto community, many of whom believe regulations in place now are too constrictive.
