The CEO of top US digital asset exchange Coinbase says crypto lobbying needs to be strengthened before the upcoming 2024 elections.
In a new interview with Ryan Selkis, the founder of market intelligence firm Messari, Coinbase CEO Brian Armstrong say crypto companies based in the US face an “unfair” regulatory environment.
According to Armstrong, certain members of the government are making it difficult for the crypto industry to thrive.
“It turns out that this year we have of course had to turn our attention to the policy side, as many of you have done. It’s really an unfair environment that we’re in right now, where every startup in the space is just getting hit with a subpoena [or] a Wells message.
There is currently a very concerted, focused effort to contain and destroy this industry. Specifically, I think the two actors I’ve seen who are most responsible for this are probably the Chairman of the SEC (US Securities and Exchange Commission), Gary Gensler, and [Senator] Elizabeth Warren.”
Armstrong says Gensler and Warren’s views are not necessarily shared by other members of the administration. Coinbase’s CEO also says the industry must step up its lobbying efforts before the 2024 elections if it wants to see meaningful regulatory changes.
“[Their views] do not represent the position of the rest of the US government with which I interact…
Members of Congress are very attentive to this. They are very reasonable. They recognize that this industry has a lot of potential for innovation, and they want to protect consumers with reasonable regulations.
So we must ensure that the SEC is not used as a weapon for the political agenda of a few rogue actors. To do that, the crypto industry is going to have to become a little more sophisticated and powerful in terms of our lobbying efforts.”
Earlier this month, Coinbase launched a 14-month initiative called “Stand With Crypto,” asking digital asset owners to contact their representatives and advocate for pro-crypto laws.
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