Coinbase to Grade Representatives Based on Their Stance on Crypto
Coinbase is integrating a scorecard for members of Congress and Senate into its app hoping it will help bring about more crypto-friendly policy.
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Brian Armstrong announced on Wednesday, September 14th, that Coinbase will begin scoring Representatives based on their stance on crypto. The report cards will be integrated into Coinbase’s app and represent a part of the company’s larger push to help crypto-friendly candidates get into, or remain in office.
Coinbase Announces Scorecards Grading Representatives
According to Armstrong, Representatives will be scored based on various types of publicly available information such as the statements they’ve made on the topic. Coinbase hopes to leverage its 103 million registered users to help bring about more crypto-friendly policies.
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).
Armstrong added that such advocacy is very important to Coinbase, and expressed his hopes that the wider crypto community will get involved. The scorecard grading the members of the Senate and the Congress is also already available on Coinbase’s website.
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Political Crypto Advocacy on the Rise
With digital assets facing increased scrutiny in 2022 causing some to go so far as to compare the SEC to “shakedown authority,” members of the community and crypto companies have begun to mobilize. Just last month, Coinbase launched another advocacy program in the form of its voter registration and education initiative.
Coinbase is one of the companies on the frontlines in the struggle against current regulatory efforts as it is attempting to defend itself against both the allegations of listing unregistered securities and insider trading. However, it isn’t the only firm that is taking action which will hopefully bring crypto-friendly candidates into office.
On September 12th, a major crypto advocacy group created its political action committee (PAC). Blockchain Association, the organization behind the new crypto PAC, is comprised of some of the biggest names in the industry and includes companies like Binance.US, eToro, Kraken, and Grayscale Investments.
Do you think this move will help pro-crypto candidates get into office more regularly? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
