Coinbase quotes politicians on crypto-friendliness ahead of US midterm elections


Coinbase, a popular publicly traded American company that operates a cryptocurrency exchange, has released a new scorecard feature for politicians, evaluating each one of them on the basis of their political friendship.

Brian Armstrong, Co-Founder and CEO of Coinbase, tweet, “Starting today, Coinbase will begin integrating our crypto policy efforts directly into our app. This will help our 103 million verified users get educated on crypto positions held by political leaders where they live.”

From now on, US customers can check the results of the encrypted sentiments of members of Congress based on their past data. The app also allows users to register to vote and learn about local town hall events.

“Over time, we want to help pro-crypto candidates solicit donations from the crypto (in crypto) community,” Armstrong said. “We will also expand to get more geographic coverage in global elections and add data on the various candidates vying for positions (not just elected officials). current).

According to a Bloomberg analysis, Millions of dollars backed by cryptocurrency are going to the coffers of candidates and federal committees ahead of the congressional elections in November. Donations from the cryptocurrency industry at the federal level exceeded the oil, gas, transportation, and defense industries from January 2021 through July.

Criteria for classifying members of Congress

according to Cryptographic scorecardEach member of Congress has been evaluated based on their public statements and public actions regarding cryptocurrency policy. Each score was derived solely from publicly available information.

Giving insight into how score works, Coinbase revealed that members are assigned positive or negative scores based on their performance in each category, and the resulting overall score determines their overall score. Categories are-

  • Sponsored and/or co-sponsored legislation;
  • positive or negative public statements; selected cryptocurrency sounds;
  • Positive or negative crypto-related opinion articles,
  • Positive or negative congressional messages for cryptocurrency;
  • cipher pool membership;
  • And their willingness to host crypto-focused events and accept crypto donations to their campaigns.

However, the app was only able to provide scores for half of the US Senate and less than a quarter of the US House of Representatives “due to lack of action by members”.

“The large number of incomplete degrees demonstrates the need and opportunity for more members of Congress to engage in crypto policy in the future,” Coinbase said. “Congress needs to help secure our economic future by supporting crypto and the millions of Americans already investing in digital currencies.”

Meanwhile, many candidates have publicly expressed their support for cryptocurrency. Recently, US Senate candidate from New Hampshire, Bruce Fenton, lent his support to Bitcoin. publicly. Fenton chirp His public statement: “People choose what money is. We should separate money and say how we separate church and state. I support the right of anyone to use any form of money they choose. I chose Bitcoin as my favorite money. The US dollar is a melting ice cube.” .

The latest move indicates that Coinbase is seeking to play an active role in shaping the regulatory environment for the digital asset industry. It recently launched a voter registration tool and took a prominent stand against the Treasury Department’s decision to sanction coin-mixer Tornado Cash by supporting a lawsuit brought by two Coinbase employees and others. Coinbase also spent $1 million on lobbying in the second quarter, a record amount for the company, and launched a political action committee in February to collect donations from employees and donate to members of Congress.





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