In a series of posts on October 20, Brian Armstrong, the CEO of Coinbase, publicly endorsed two Senate candidates ahead of the 2024 elections: Dave McCormick from Pennsylvania and John Deaton from Massachusetts. Both candidates have demonstrated strong advocacy for cryptocurrency, positioning themselves as champions of the digital asset space.
Endorsement of Pro-Crypto Candidates
Armstrong’s endorsements are significant as both McCormick and Deaton have received “A” ratings from Stand With Crypto, an advocacy group dedicated to promoting sensible cryptocurrency regulations. This group was founded by Coinbase and has been actively endorsing candidates who support their vision for the crypto industry. Armstrong stated, “If you live in Pennsylvania you should vote for @DaveMcCormickPA. He is the better candidate on crypto (among many other credentials),” reinforcing the importance of these endorsements.
McCormick’s Support for Blockchain Innovation
As the race for the Pennsylvania Senate seat intensifies, McCormick has emerged as a frontrunner in the election polls. His pro-crypto stance has been highlighted in his campaigns, where he articulated that “embracing crypto and blockchain will unlock great jobs for our commonwealth and benefit our national security.” McCormick expressed that failing to accept this wave of innovation could jeopardize the U.S.’s competitive standing in the global market.
Criticism of Regulatory Approaches
In addition to endorsing McCormick, Armstrong took the opportunity to criticize Senator Elizabeth Warren and SEC Chair Gary Gensler for their regulatory strategies, which he characterized as “regulation by enforcement.” He argued that this approach damages the burgeoning crypto industry. Armstrong pointedly called out Warren, stating, “Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America.” He labeled her actions as anti-freedom and suggested that her vision for government control over financial services mirrors that of authoritarian regimes.
Warren’s Stance on Cryptocurrency
Senator Warren has been a notable critic of the cryptocurrency sector, advocating for stricter regulations. Her introduction of the Digital Assets Anti-Money Laundering Act (DAAMLA) seeks to extend existing banking regulations to crypto providers. During her advocacy, she condemned the use of digital assets by what she described as “rogue nations, oligarchs, drug lords, and human traffickers,” arguing that these entities exploit cryptocurrencies for illicit activities. Warren argued for the implementation of consistent regulatory standards across traditional and digital financial systems to mitigate these risks.
The Competitive Landscape Ahead
As polls indicate Warren maintaining a significant lead over John Deaton in Massachusetts, the Pennsylvania Senate race remains closely contested with Dave McCormick at the forefront. Armstrong’s endorsements have galvanized the crypto community, which views both McCormick and Deaton as pivotal figures in shaping favorable legislation for the crypto industry in Washington. The upcoming elections will be critical in determining the future direction of cryptocurrency policy in the United States.