It is timed to coincide with the company’s receipt of a Wells Notice from the SEC.
The SEC has increased enforcement action against crypto businesses.
Brian Armstrong, CEO of Coinbase, has said the company would begin making political contributions to pro-cryptocurrency politicians in upcoming US elections. In addition, the announcement is timed to coincide with the company’s receipt of a Wells Notice from the US Securities and Exchange Commission (SEC) recently.
Armstrong called for the election of “pro-crypto candidates.” It was also said that the trading platform will strive to rally crypto community members behind candidates who would be good for the sector as a whole.
Funding Crypto-friendly Candidates
Digital asset regulation has been a topic of discussion ever since the industry’s creation. One of the top US exchanges has spoken out to represent the cryptocurrency sector in the political realm. This comes as the SEC has increased enforcement action against crypto businesses.
In particular, Coinbase CEO Brian Armstrong has declared the company’s desire to begin funding crypto-friendly American political candidates. In addition, Armstrong encouraged the audience of a recent Twitter Event to start speaking out on political matters.
Armstrong stated:
“What we’re going to do is start putting out content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, make your voice heard. We are going to elect pro-crypto candidates in this country to make sure that our success is ensured.”
The decision was made after the SEC sent Coinbase a Wells Notice, warning of impending enforcement action. As a result, political action seems to be the best course of action for the sector, following in the footsteps of a long line of corporations in the regulator’s sights.