Armstrong said that it is important for Coinbase to be part of crypto advocacy which is an effective tool to increase economic freedom.
The stands of political candidates on crypto speak a lot about the future of the industry when elected. It not only provides clear expectations of what the industry regulation would be like but also provides grounds for investors to make investment decisions. For this reason, Coinbase co-founder and CEO Brian Armstrong have disclosed a plan to integrate what is called a crypto policy effort into its app. This app integration will enable 103 million verified users of Coinbase to understand the position of their local political leaders and representatives on cryptos.
From the app, users based in the US can see the sentiment scores of the members of Congress. The score would largely be based on the public statement they have made about the crypto industry. Armstrong also disclosed that most of its data would be obtained from the Crypto Action Network, an organization that focuses on promoting the growth and security of crypto. This means scorecards compiled with a grading system ranging from “A to F” would be used. This is said to be the first of its kind.
“Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We’ll also expand to get more geographic coverage in global elections, and add data on various candidates running for office (not just current elected officials),” said Armstrong.
He believes that it is important for Coinbase to be part of crypto advocacy which is an effective tool to increase economic freedom. Armstrong also petitioned the entire crypto community to rally to engage elected leaders and come up with more favorable policies.
On the same issue, Faryar Shirzad, Chief Policy Officer at Coinbase also stated that electing pro-innovation leaders who could draft crypto-friendly policies is very critical for this mission. According to him, leaders elected this November would be largely involved in making decisions about the future of crypto, blockchain, and Web3. Concerning this, a voter registration portal and education initiative is being launched to get the crypto community involved.
“This initiative will help the crypto community get involved – by registering to vote, learning about candidates, attending town halls, voicing support for crypto innovation, and asking your representatives’ questions. And, most importantly, by voting,” he said.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
