Coinbase Dumps Failed Tactics – Crypto Millions Now Flow to Policy Gamechangers

Coinbase Ends a Decade of Failed Policy: Armstrong’s Bold New Plan

Brian Armstrong, CEO of Coinbase (Nasdaq: COIN), has unveiled a transformative strategy to revamp how the tech industry interacts with policymakers in Washington, D.C. Moving away from traditional lobbying efforts that Armstrong labeled as “totally failed,” Coinbase is now focusing on channeling resources toward candidates who actively support technological innovation.

From Appeasement to Advocacy

“Tech will continue to have lots of influence in DC as long as we keep supporting candidates who are pro-tech and pro-business, regardless of which party they are in,” Armstrong shared in a recent post on X (formerly Twitter). Reflecting on past efforts, he added, “It sounds crazy, but most tech policy for the last decade was giving money to people who hated us, to try and ameliorate them. This totally failed (and should have been obvious in hindsight).”

Armstrong’s remarks highlight a seismic shift in strategy. Rather than trying to appease legislators skeptical of emerging technologies, Coinbase’s approach prioritizes fostering relationships with policymakers who genuinely champion progress in blockchain, cryptocurrency, and other cutting-edge fields.

The "Stand with Crypto" Initiative

Coinbase’s new direction has taken shape through the grassroots "Stand with Crypto" initiative. This campaign seeks to rally voter support for legislation that promotes blockchain technology and digital assets. Millions of supporters have joined the movement, advocating for policies that nurture innovation rather than stifle it with restrictive regulations.

The campaign’s momentum extends beyond the U.S., with similar initiatives launched in Canada and the UK. By engaging the global crypto community, Coinbase aims to build a unified voice for the industry’s future.

Supporting Pro-Crypto Candidates

Coinbase has also established a Political Action Committee (PAC) under the "Stand with Crypto" banner. This PAC identifies and supports pro-innovation candidates, regardless of party affiliation. The aim is to ensure the cryptocurrency industry has allies in key legislative positions who will champion forward-thinking policies.

Crypto’s Political Influence

In preparation for the 2024 U.S. presidential election, Coinbase and other major crypto players, such as Ripple and Kraken, have made significant contributions to candidates with a pro-crypto stance. Notably, Coinbase pledged $1 million to President-elect Donald Trump’s inauguration committee, while Ripple donated $5 million in XRP.

A Paradigm Shift in Tech Lobbying

Armstrong’s strategy underscores a broader trend within the tech industry: a shift away from broad-spectrum lobbying toward targeted advocacy for candidates and policies that directly align with technological growth. By aligning its political efforts with its mission, Coinbase aims to play a pivotal role in shaping the future of crypto and blockchain technology.

Conclusion

Coinbase’s bold pivot in political strategy marks a new chapter for the cryptocurrency industry. By supporting candidates who champion innovation, the company is setting a precedent for effective engagement in policymaking. With the "Stand with Crypto" initiative gaining traction, Coinbase is not only reshaping its approach but also influencing the broader tech and crypto sectors to advocate for progress and innovation.