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New tool to promote pro-crypto politicians?




Coinbase has introduced a new tool on its app that allows users to learn how elected officials view cryptocurrency. The tool aims to help customers connect with US lawmakers and potentially influence how they vote on matters related to crypto and blockchain legislation.

The launch comes nearly two years after Coinbase banned its employees from discussing political issues at work, prompting some media and commentators to denounce the exchange’s hypocritical stance.

However, it can be argued that the ban on internal political discussions was a move to protect the company’s harmony from employee disputes, while the new feature aims to exert external pressure on politicians to promote pro-crypto policies. Thus, this observation prompted some observers within the industry to express their approval of this latest initiative by Coinbase.

Coinbase wants users to support pro-crypto lawmakers

When announcing the launch of the new feature on TwitterCoinbase CEO, Brian ArmstrongIt made it clear that it was addressing all of its 103 million authorized users. The purpose, he added, is to provide users with information about the crypto locations that political leaders occupy where they live.”

The goal is to turn Coinbase users into an active political demographic that can encourage and pressure US lawmakers to support pro-crypto legislation and regulations. Armstrong revealed that the exchange ultimately wants to “help pro-crypto candidates solicit donations from the crypto community (in crypto).

Coinbase also plans to eventually roll out the feature to other jurisdictions outside the US: Armstrong added that the exchange will also “expand to achieve greater geographic coverage in global elections.”

An ambitious initiative of this scale is a rarity not only for a cryptocurrency exchange, but also for any kind of publicly traded company. Given the exchange’s desire to turn its users into a political force, it has prompted some observers to make accusations of hypocrisy.

Some reviewers have gone so far as to suggest that this feature depicts Brian Armstrong himself “banning” opinions he doesn’t share to promote those he agrees with. This is Bitfinex’ed’s skeptical view, which seems to suggest that Armstrong and senior Coinbase CEOs want to crack down on liberal and leftist politics first.

On the other hand, prominent figures working in the cryptocurrency sector see this move as positive for the industry, as it should eventually have an impact to ensure that more industry-friendly legislation is passed. And in a climate where many lawmakers regularly call for strict regulation of the sector, such legislation is arguably necessary.

organizational vacuum

Coinbase’s decision should be read in the current political context, as the broader adoption of cryptocurrency is arguably declining due to the lack of clear and unambiguous regulations. This is particularly the case with regard to the question of whether most cryptocurrencies are securities, an issue currently contested in the ongoing legal battle between ripple and the SEC.

According to a study, it is this uncertainty that prevents institutional investors and hedge funds from investing in the cryptocurrency market. As such, Coinbase’s decision – while superficially contradicting the company’s internal policies – should be welcomed by the industry, as it may end up as a necessary factor turning the tide in favor of cryptocurrencies.

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