Coinbase CEO unveils bold plan to end failed lobbying, funneling tech money to pro-innovation candidates and rallying millions to reshape Washington’s future.
Coinbase ends a decade of failed policies: Armstrong reveals bold new plan
Brian Armstrong, CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), has become a leading advocate for reshaping the way the tech industry engages with Washington, DC.
“Tech will continue to have a lot of influence in DC as long as we continue to support candidates who are pro-tech and pro-business, regardless of which party they belong to,” Armstrong commented in a post on social media platform X on Monday. The Coinbase boss added:
It sounds crazy, but most of the tech policies of the last decade consisted of giving money to people who hated us, to try to make them better.
“This totally failed (and should have been obvious in retrospect),” he opined. His comments were in response to a post on X by Newlimit co-founder Blake Byers, who wrote: “Silicon Valley has traded Wall Street for power in DC. Surprisingly, it happened with an elected Republican even though Democrats have had a massive majority in tech forever. This is a few years behind technology having turned Hollywood into a cultural power, but it is still much faster than I expected.”
Armstrong’s stance reflects Silicon Valley’s growing frustration with traditional lobbying tactics that prioritize appeasing lawmakers over fostering long-term growth. His criticism highlights a broader shift in the tech industry, where companies previously spread political donations across parties to mitigate regulatory pressure. As scrutiny around cryptocurrencies, artificial intelligence and emerging technologies increases, Armstrong advocates selectively supporting candidates who champion innovation and economic growth, rather than engaging with industry-skeptical politicians.
This approach is already taking shape through Coinbase’s “Stand with Crypto” initiative, a grassroots movement aimed at rallying voter support for pro-cryptocurrency legislation. The campaign has attracted millions of supporters who are eager to see policies that encourage blockchain technology and digital assets, rather than stifle them with restrictive regulations.
In the run-up to the 2024 election, the cryptocurrency industry backed Donald Trump’s campaign due to his pro-cryptocurrency stance. Digital asset companies also made separate donations to their takeover efforts. Ripple pledged $5 million worth of XRP to the Trump-Vance Inaugural Committee, while Coinbase and Kraken each contributed $1 million.
