Coinbase CEO Backs GOP Senate Bids

Armstrong has backed Senate candidates who support crypto, including Republicans John Deaton and David McCormick, based on how they feel about policies for digital assets

Brian Armstrong, co-founder and CEO of Coinbase, has backed several Republican candidates for the US Senate in November.

Armstrong went on X on October 20 to show his support for Senate candidates who support crypto. These candidates include John Deaton, a lawyer who supports XRP, and David McCormick, who used to be the CEO of Bridgewater Associates.

Deaton is running for a Senate seat in Massachusetts as a Republican, and McCormick is running for a Senate spot in Pennsylvania.

Crypto reasons to back something
“Vote for David McCormick if you live in Pennsylvania.” “He’s the better candidate for crypto,” Coinbase wrote, reposting an X poll that showed more people supported the Republican candidate.

As part of another X post on October 20, the CEO of Coinbase also backed Deaton, a Republican running against US Senator Elizabeth Warren, who is known for being skeptical of crypto.

Armstrong said that Warren “chose” Gary Gensler to be chair of the Securities and Exchange Commission and “told him to try to kill the crypto industry” in the US.

“Thank goodness, they failed because we and others fought back,” Armstrong wrote.

“She is anti-freedom, thinks the government should run all financial services (similar to China), and has done enormous harm to this country.”

The CEO of Coinbase has not backed a political candidate.
While Armstrong has backed Republican candidates for the Senate, he has not backed a presidential nominee.

Armstrong allegedly said in August that the next US government would be “constructive” on crypto no matter which party wins.

“People who support cryptocurrency are speaking out as a significant voting bloc.” Politicians on both sides of the aisle have taken notice, and the movement to pass complete crypto laws is growing, he said.

Coinbase, one of the biggest cryptocurrency platforms in the US, used to be known for not getting involved in politics.

Armstrong wrote a blog post 2020 called “Coinbase is a mission-focused company.” In it, he emphasized how important it was for the company to stay focused on its goal to promote crypto adoption and avoid political issues.

Since then, though, the company has moved into politics. At the beginning of May, Stand With Crypto, Coinbase’s crypto-advocacy project said it would start publicly endorsing candidates for “common-sense crypto policy” in the US Senate and House of Representatives.