Coinbase CEO Says Biden Administration 'Really Terrible For Crypto' — Pledges $1M Donation To Super Crypto PAC

Coinbase CEO Brian Armstrong on Wednesday expressed his dissatisfaction with the Joe Biden Administration’s approach towards cryptocurrency. 

What Happened: Speaking at Messari’s Mainnet 2023, Armstrong said that the Biden administration has been “really terrible for crypto.” 

Armstrong went on to emphasize the significance of the upcoming 2024 elections, suggesting that candidates’ positions on cryptocurrency could determine their success. He said, “In 2024, some people need to win or lose an election because of their stance on crypto.” 

This statement coincides with the growing number of Presidential candidates, such as Vivek Ramaswamy, Robert F. Kennedy Jr., and Ron DeSantis, who have shown a favorable inclination towards Bitcoin BTC/USD.

In line with its efforts to shape the regulatory landscape, Coinbase has pledged a $1 million donation to a crypto super PAC. 

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Why It Matters: This move comes as Coinbase seeks to garner support for reducing regulatory oversight. However, it faces mounting warnings from U.S. regulators signaling intentions to tighten oversight in the industry.

Last week, Coinbase issued a “call to action” urging the estimated 52 million Americans who own cryptocurrencies to get involved.

Amidst the backdrop of increasing regulatory scrutiny, the Securities and Exchange Commission (SEC) is involved in numerous high-profile civil suits against cryptocurrency exchanges like Binance and Coinbase. These lawsuits allege the offering of unregistered securities to customers. 

Price Action: Price Action: At the time of writing, BTC was trading at $26,617 down 1.56% in the last 24 hours, according to Benzinga Pro.

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Editor’s Note: This article was edited to update the price of Bitcoin.