Powerful Lobbying Needed Before 2024 Election, Says Coinbase CEO
The crypto industry is facing an "unfair" regulatory environment according to Brian Armstrong, CEO of top U.S. exchange Coinbase. In a new interview, Armstrong stated that certain government actors like SEC Chair Gary Gensler and Senator Elizabeth Warren are actively trying to "curtail and kill" crypto. He emphasized that their anti-crypto views do not represent the full government, and reasonable regulation is needed.
To fight back against unfair policies, Armstrong says the crypto industry must bolster lobbying efforts before the 2024 election. Coinbase recently launched an initiative called "Stand With Crypto" to advocate for pro-crypto laws.
The Coinbase CEO Points to an "Unfair Environment" Facing Crypto Startups
In an interview with Ryan Selkis of Messari, Brian Armstrong leveled criticism against the regulatory climate in the U.S. He stated the SEC and politicians like Elizabeth Warren are unfairly targeting crypto companies with subpoenas and Wells notices. Their goal is to stifle innovation in the nascent crypto industry.
However, Armstrong pointed out their anti-crypto views do not represent the full government. Many in Congress want to foster crypto's potential while protecting consumers.
The time has come for more sophisticated, powerful lobbying to prevent the SEC being "weaponized." Armstrong stated this is crucial before the 2024 elections to see meaningful change.
Decentralization Can Circumvent Unjust Crackdowns
The hostile regulatory moves are intended to impose centralized control over crypto. However, the inherent decentralized nature of cryptocurrencies like Bitcoin offers a way to resist this.
With no centralized authority, decentralized networks can continue providing access and services. Unjust crackdowns on companies have less impact on protocols owned by no single entity. This shows the utility of decentralization for empowering financial freedom.
2024 Elections Will Be Pivotal
The next two years represent a pivotal window for the crypto industry to influence U.S. policy. With unified, forceful lobbying, the innovation and potential of crypto can be protected from misguided attacks.
Historical Parallels to Heavy-Handed Regulation
Government overreach has stifled innovation and freedom through history. In 1920s America, zealous prohibition outlawed alcohol and fueled violent organized crime. During the 1950s Red Scare, blacklisting and McCarthyism punished creatives and free-thinkers.
Today's hostilities towards crypto bear disturbing parallels. However, the transparency and decentralization of blockchain offers hope. With enough public advocacy, crypto can avoid the overbearing policies of the past.
Does Crypto Need Centralized Lobbying to Fight Regulation?
Despite its decentralized nature, the crypto industry recognizes the need for coordinated lobbying efforts. Fighting restrictive policies requires playing within existing institutions.
Yet this poses a dilemma - centralized lobbying contradicts crypto's ethos. It essentially imitates the very authorities crypto aims to circumvent. This may be a necessary evil for now, but the goal should be decreasing reliance on centralized lobbying over time.
Can the True Crypto Ideals Prevail Through Grassroots Support?
In lieu of centralized lobbying, crypto must nurture principles of decentralization and financial freedom. The industry can foster grassroots communities that provide education and mutual support.
If enough individuals unite behind the ideals of transparency, autonomy and open access, no amount of institutional pressure can extinguish crypto's flames. With a foundation of shared principles, the movement can persist even if specific companies and leaders come under attack.