Brian Armstrong, the co-founder and CEO of Coinbase, has thrown his support behind several Republican candidates running for the United States Senate in the upcoming November elections. On October 20, Armstrong took to social media platform X to endorse pro-crypto Senate candidates, including John Deaton, a lawyer supporting XRP, and David McCormick, the former CEO of Bridgewater Associates.
Deaton is running for a Senate seat in Massachusetts, while McCormick is running in Pennsylvania, both as Republican candidates. Coinbase reposted an X poll showing stronger support for McCormick, urging Pennsylvania residents to vote for him as the better candidate on crypto.
In another post on the same day, Armstrong also endorsed Deaton, a Republican challenger aiming to unseat Democratic Party Senator Elizabeth Warren, who is known for her skeptical stance on cryptocurrencies. Armstrong criticized Warren for appointing Gary Gensler as chair of the Securities and Exchange Commission and encouraging him to hinder the crypto industry in the United States. However, Armstrong noted that their efforts were not successful due to the resistance put up by Coinbase and others.
While Armstrong has shown support for Republican Senate candidates, he has refrained from endorsing a presidential candidate. In August, he stated that the next US administration, regardless of party affiliation, would be constructive towards crypto. Armstrong highlighted the growing influence of crypto advocates as a voting bloc and the increasing momentum to pass comprehensive crypto legislation.
Coinbase, one of the largest crypto exchanges in the US, was previously known for its apolitical stance. However, the company has since entered the political arena. In May, Coinbase’s crypto-advocacy project, Stand With Crypto, announced its official endorsement of political candidates who support sensible crypto policies in the Senate and House of Representatives.
Overall, Armstrong’s endorsements of Republican Senate candidates reflect his commitment to promoting the interests of the crypto industry in the political sphere.