Coinbase CEO Brian Armstrong Backs GOP Senate Candidates, Clashes with Elizabeth Warren Over Crypto Regulations

October 22, 2024
Coinbase CEO Brian Armstrong Backs GOP Senate Candidates, Clashes with Elizabeth Warren Over Crypto Regulations
  • Brian Armstrong, the co-founder and CEO of Coinbase, has publicly endorsed several Republican Senate candidates ahead of the upcoming elections.

  • Among his endorsements is John Deaton, a pro-XRP lawyer running against Democratic Senator Elizabeth Warren in Massachusetts.

  • Deaton's campaign has received substantial financial backing from the crypto community, including a notable $1 million contribution from Ripple.

  • Armstrong's endorsement is echoed by billionaire Elon Musk, who expressed his support for Deaton on social media.

  • Armstrong has criticized Warren for her role in appointing SEC Chair Gary Gensler, alleging that she supports efforts to undermine the crypto industry.

  • He has described Warren as 'anti-freedom,' comparing her financial regulations to those in China.

  • Warren has countered by accusing Deaton of corruption, claiming his wealth and campaign funding are heavily tied to the crypto industry.

  • Armstrong noted that crypto advocates are becoming a significant voting bloc, which is prompting increased political attention and momentum for comprehensive crypto legislation.

  • Historically, Coinbase maintained an apolitical stance, but it has shifted its approach with the launch of its Stand With Crypto initiative, which endorses candidates who support crypto-friendly policies.

  • In Pennsylvania, Armstrong has endorsed David McCormick, a former CEO of Bridgewater Associates, urging local residents to support him.

  • Despite the political momentum, recent polls show Warren leading Deaton by a significant margin of 56% to 34%.

  • While Armstrong has made endorsements for Senate candidates, he has yet to endorse a presidential candidate for the upcoming elections.

Summary based on 2 sources


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