Coinbase CEO Brian Armstrong 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 Twitter to endorse pro-crypto Senate candidates, including John Deaton, a lawyer known for his support of XRP, and David McCormick, former CEO of Bridgewater Associates. Both candidates are running under the Republican Party banner, with Deaton seeking a Senate seat in Massachusetts and McCormick in Pennsylvania.
In his endorsement of McCormick, Armstrong highlighted the candidate’s favorable stance on cryptocurrency. Coinbase reposted a poll on X that showed strong support for the Republican candidate among crypto enthusiasts. Armstrong also endorsed Deaton in another tweet, emphasizing his opposition to US Democratic Party Senator Elizabeth Warren, who is known for her skeptical views on crypto. Armstrong criticized Warren for appointing Gary Gensler as chair of the Securities and Exchange Commission and encouraging him to stifle the crypto industry in the US. However, Armstrong did not endorse a presidential candidate, stating that regardless of the party that wins, he believes the next US administration will be positive for crypto.
Coinbase, one of the largest crypto exchanges in the US, was previously known for its apolitical stance. However, in 2020, Armstrong published a blog post emphasizing the company’s mission-focused approach and its avoidance of political issues. Since then, Coinbase has become more involved in the political arena. In May, the company’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.
Armstrong’s endorsement of Republican Senate candidates reflects the growing influence of the crypto community in US politics. He believes that politicians on both sides of the aisle are recognizing the importance of crypto advocates as a voting bloc, leading to increased momentum in passing comprehensive crypto legislation.