Coinbase CEO Brian Armstrong preaches bipartisanship as Trump touts crypto cred

Coinbase CEO Brian Armstrong preaches bipartisanship as Trump touts crypto cred
Regulation
Brian Armstrong is the co-founder and CEO of Coinbase. Credit: Darren Joseph
  • Brian Armstrong spoke with Cathie Wood, CEO of Ark Invest, at the State of Crypto Summit on Thursday.
  • He emphasised bipartisanship when Wood brought up Trump and the former president’s support of crypto.

Crypto in the US has become political.

However, Brian Armstrong, the co-founder and CEO of Coinbase, declined to take sides Thursday.

Near the end of a panel discussion with Cathie Wood, the CEO of Ark Invest, Wood brought up Donald Trump, who reportedly said he would be a “crypto president” during a campaign event in early June.

Trump also met with executives from prominent Bitcoin mining companies Tuesday.

“He’s considered very divisive, of course, by some people,” Wood said, in reference to Trump.

Regardless, the former president’s support for crypto has “educated those who haven’t taken a closer look at what this movement is all about,” she said. “He’s indicative of the bipartisan nature of this.”

Armstrong responded without mentioning Trump.

“Both parties are recognising that they need to address this issue,” he said, adding later: “Crypto’s arrived.”

Join the community to get our latest stories and updates

Throughout his discussion with Wood, Armstrong repeatedly emphasised bipartisanship.

He even mentioned that he went to Washington to chat with up to 13 senators earlier this week.

Armstrong’s studied avoidance of appearing partisan comes amid an ongoing campaign from some of the wealthiest in crypto to make digital assets a national issue.

“We need clear rules in the US,” he said during the panel with Wood, in reference to the crypto regulation. “The current situation is untenable.”

Super PACs

In anticipation of state and national elections in November, Armstrong, along with a slew of other movers and shakers in crypto, have created a substantial war chest to support pro-crypto candidates.

FairShake PAC, a political action committee launched in December to advocate for favourable digital assets legislation, has amassed almost $93 million in donations, according to the Federal Elections Commission.

Notable donors include the Winklevoss twins, Coinbase, Ripple, Marc Andreessen, and Ben Horowitz.

And in March, Stand With Crypto — a crypto nonprofit launched by Coinbase last year — launched its own PAC, which, again, plans to back pro-crypto candidates.

Major industry names have come out in support of former president Trump, including Ryan Selkis, the CEO of Messari, and David Bailey, the head of Bitcoin Magazine.

Ben Weiss is a Dubai Correspondent at DL News. Got a tip? Email him at bweiss@dlnews.com.

Related Topics