Coinbase CEO, Brian Armstrong, is encouraging users of the popular cryptocurrency exchange to vote for political candidates who support the crypto industry.
This comes as the US Securities and Exchange Commission (SEC) has sent a notice to Coinbase that it may sue them for selling unregistered securities.
Armstrong has stated that Coinbase will make every effort to turn the 50 million US citizens who use cryptocurrencies into a unified political force.
The exchange plans to provide people with the ability to contact congressmen and send donations to candidates who support cryptocurrencies.
Armstrong believes that Coinbase can help ensure that the voice of the people is heard and that the field of cryptocurrencies will succeed in the United States.
Last year, Coinbase announced that it would inform users about the measures taken by political leaders regarding cryptocurrencies.
Armstrong’s recent announcement builds upon this, urging subscribers to support a petition against the SEC that claims staking services are not related to securities. Coinbase General Counsel Paul Grewal has previously explained why securities laws should not apply to staking services.
The Crypto Council for Innovation (CCI) CEO, Sheila Warren, has added that crypto companies have spent a significant amount of resources trying to reach a dialogue with the SEC to clarify the regulation of cryptocurrencies.
Warren expressed frustration, asking if one American regulator should be allowed to determine the entire trajectory of innovation for the entire country. Warren believes that the 20% of Americans who own cryptocurrencies are voters who can make a difference if they come to vote.
It’s worth noting that last year, the CEO of Coinbase announced their readiness to stop participating in ether staking if required by regulatory authorities. Coinbase continues to face regulatory scrutiny as cryptocurrencies become more mainstream.