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Coinbase Inc. (NASDAQ:COIN) CEO Brian Armstrong on Thursday emphasized the importance of a bipartisan approach to cryptocurrency regulation.
What Happened: In a discussion with Ark Invest CEO Cathie Wood, Wood brought up Donald Trump, who recently declared himself a "crypto president" during a campaign event.
Trump also met with executives from major Bitcoin mining companies earlier this week. "He's considered very divisive, of course, by some people," Wood said, according to DL News.
Nonetheless, she noted that Trump’s support for cryptocurrency has “educated those who haven't taken a closer look at what this movement is all about,” highlighting the bipartisan nature of the issue.
Armstrong responded to Wood’s comments without directly mentioning Trump.
"Both parties are recognizing that they need to address this issue," he said, underscoring the arrival of crypto on the national stage.
Throughout the discussion, Armstrong stressed the importance of bipartisan support for cryptocurrency, noting his recent meetings with up to 13 senators in Washington to discuss the matter.
Armstrong’s strategic neutrality reflects a broader campaign among crypto industry leaders to elevate digital assets as a national issue.
"We need clear rules in the US," he said, referring to the current regulatory landscape for cryptocurrency. "The current situation is untenable."
Why It Matters: In preparation for the upcoming state and national elections, Armstrong and other influential figures in the crypto industry have pooled substantial resources to support pro-crypto candidates.
FairShake PAC, a political action committee founded in December to promote favorable digital assets legislation, has raised nearly $93 million in donations, according to the Federal Elections Commission.
Prominent donors include the Winklevoss twins, Coinbase, Ripple (CRYPTO: XRP), Marc Andreessen, and Ben Horowitz.
Additionally, Stand With Crypto, a nonprofit launched by Coinbase last year, initiated its own PAC in March to back pro-crypto candidates.
Major industry figures, including Ryan Selkis, CEO of Messari, and David Bailey, head of Bitcoin Magazine, have publicly supported Trump.
What’s Next: As the cryptocurrency landscape continues to evolve, key insights and developments will be explored at Benzinga’s Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Back Above $67K Despite $226M ETF Outflows On Thursday
Image: Shutterstock
