Coinbase CEO Brian Armstrong claims that the Securities and Exchange Commission’s (SEC) regulations on cryptocurrencies have hurt the Democratic Party’s chances in the election. He accuses SEC Chair Gary Gensler and Sen. Elizabeth Warren of trying to “unlawfully kill” the whole industry. Tech leaders like Marc Andreessen have pointed out that around 30 tech founders have faced issues with being “debanked,” meaning they have had problems accessing banking services.
Armstrong suggests that the Democratic Party should distance itself from Warren. The Trump administration is planning a dedicated crypto policy position after Gensler’s term ends in 2025.
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