Coinbase CEO Brian Armstrong has announced his support for several Republican candidates for the US Senate in the November elections. Armstrong expressed his support for pro-crypto candidates such as pro-XRP attorney John Deaton and former Bridgewater Associates CEO David McCormick on the X platform on October 20. Deaton is running from Massachusetts, while McCormick is running from Pennsylvania.
Armstrong noted that Deaton is running against US Democratic Senator Elizabeth Warren, and that Warren is known for her negative stance on crypto. Armstrong claimed that Warren appointed SEC Chair Gary Gensler and is trying to destroy the crypto industry.
Coinbase, which was known for its âapoliticalâ stance in the past, is now actively involved in the political arena. In August, Armstrong predicted that the next US administration would approach crypto constructively. Coinbaseâs crypto advocacy project Stand With Crypto began officially supporting political candidates in May.
What do you think this political move by Coinbase means for the crypto industry? We look forward to your comments.