Coinbase CEO Speaks Against US Senators’ Anti-Crypto Stance

Coinbase CEO Brian Armstrong criticized United States Senators Roger Marshall and Elizabeth Warren’s anti-crypto stance, reflecting on their controversial anti-crypto bill. Highlighting the growing adoption and potential benefits of digital assets, Armstrong asserted, “Being anti-crypto is a really bad political strategy going into 2024.”

Senators Warren and Marshall now lobbying for big banks 🙃

Being anti-crypto is a really bad political strategy going into 2024

* 52m Americans have used crypto
* 38% of young people say crypto can increase economic opportunities
* just 9% of Americans satisfied with the… https://t.co/diawa3LOX5

— Brian Armstrong 🛡️ (@brian_armstrong) December 19, 2023

Recently, the Chamber of Digital Commerce, the world’s leading blockchain trade association, shared an X post exposing Senator Marshall and Warren’s attempt to influence the American Bankers Association to support them in crafting the Digital Asset Anti-Money Laundering Act.

Responding to the tweet, Armstrong, who has been a strong critic of the Senators’ anti-crypto notions, wrote on X, “Senators Warren and Marshall now lobbying for big banks.”

Armstrong further reinforced his optimistic perspectives on cryptocurrencies, sharing insights on the influence of cryptocurrencies in the United States despite regulatory challenges. He cited that around 52 million citizens of the nation belong to the vast crypto community.

In addition, about 38% of young individuals strongly believe in the role of cryptocurrencies in increasing economic opportunities. Currently, there are just a marginal number of people who are satisfied with the current financial system.

Drawing his followers’ attention to Stand With Crypto’s voting system, the Coinbase CEO pointed out that more than 1 million crypto enthusiasts advocate for sensible crypto policies. While Congress drafts policies and norms according to the requests and demands of the public, Stand With Crypto said, “They won’t vote YES until they’ve heard from you [public]”.

In December 2022, following the FTX debacle, the Senate Banking Committee, led by Senators Warren and Marshall, introduced a bill to tackle the potential risks of cryptocurrencies. Warren stated, “Senator Marshall and I introduced a bipartisan bill today that requires crypto to follow the same money-laundering rules as every bank, every broker, and Western Union all have to follow today.

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