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Published December 20, 20232 min read

Coinbase CEO's Response to Senate Remarks: Cryptopolitics in the Spotlight

CoinMooner Team

Discussions in the U.S. Senate and subsequent law enforcement actions related to the regulation of the crypto industry and Web3 as a whole are gaining increasing attention. Leaders of major projects and cryptocurrency exchanges cannot ignore the statements from the U.S. Senate regarding cryptocurrency regulation and are increasingly expressing their disagreement with proposals to amend laws in this direction.

In a recent news article, the Coinmooner team compiled information about statements and criticism from Coinbase CEO Brian Armstrong regarding the U.S. Senate's attempts to mobilize major banks against the crypto industry.

Brian Armstrong emphasized the negativity of the strategy to combat cryptocurrencies as a political move in 2024 on his official Twitter account. He presented significant metrics based on his experience and analysis, noting that 52 million Americans are already using cryptocurrencies. Additionally, 38% of young people believe that cryptocurrency can expand economic opportunities, while only 9% of the population is satisfied with the current financial system. In his statement, he also highlighted the Stand With Crypto Alliance's movement, aiming to reach a million supporters (voters) advocating for sensible cryptocurrency policies. The goal of this movement is to mobilize 52 million American cryptocurrency owners into a powerful political force.

In June of this year, Coinbase CEO Brian Armstrong referred to the upcoming U.S. elections as a pivotal moment for the regulation of digital assets.

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Currently, many individuals and companies are expressing dissatisfaction with the overly strict measures taken by regulatory bodies in relation to the cryptocurrency world. For instance, companies like Coinbase, Ripple, Circle, Kraken, and other Web3 sector representatives have allocated a total of $78 million to support the Fairshake political action committee. This committee advocates for U.S. presidential candidates who support cryptocurrencies. Additionally, Coinbase previously posted on its official Twitter account, reminding its audience of 425 million people involved in digital assets, with 210 million using Bitcoin, indicating their commitment to a decentralized world.

It is known that the U.S. government, in collaboration with various securities regulatory bodies, actively seeks to regulate and penalize any decentralized activities. Recently, the Coinmooner team reported on the penalties imposed on major crypto exchanges like KuCoin and Binance by U.S. authorities.

There are also notable figures expressing their opinions on cryptocurrency. For example, Arthur Hayes often criticizes regulatory bodies for imposing excessively high fines and penalties on the crypto sphere. Conversely, there are those who view cryptocurrency as a risky asset and propose the idea of banning it, as recently suggested by the head of JP Morgan in the Senate.

The U.S. has a significant influence on the crypto market, and many decisions they make directly or indirectly impact the price of the world's most popular cryptocurrency, Bitcoin. The Coinmooner team will monitor developments and inform readers about the results of U.S. government political decisions regarding cryptocurrencies. We also urge our readers to always conduct personal analysis of any news, trust only verified sources, and, most importantly, in the era of technology and Web3 development, always secure their finances to avoid losses.

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