Coinbase Now Lets Users Check Which Politicians Are Crypto-Friendly

Coinbase users will be able to see which U.S. politicians are “crypto-friendly” with a new in-app tool, CEO Brian Armstrong announced yesterday on Twitter, as crypto companies ramp up their lobbying efforts ahead of the midterms in November.

The tool shows how different members of Congress measure up on their “crypto sentiment,” which can range from “very positive” to “very negative.” 

The assessments are based in part on data from the Crypto Action Network, which scores members of Congress on publicly available data like media statements, legislative records, and their willingness to accept crypto donations. 

The Crypto Action Network is a 501(c)(4) organization dedicated to promoting the growth and security of cryptocurrency.

“Crypto advocacy is very important for our mission of increasing economic freedom in the world,” Armstrong wrote. “But the crypto community is much bigger than Coinbase - hopefully, we can all rally to engage elected leaders and drive sensible policies.”

Crypto ups its lobbying efforts

With the midterms coming up in November, crypto firms, including Coinbase and FTX, have recently increased their political efforts, including hiring lobbyists and ex-regulators to influence policymakers in passing favorable legislation. 

Crypto Firms Spent $5 Million Lobbying Senate in First Three Quarters of 2021

According to a report by The Economist, in the first nine months of 2021, the crypto industry spent $5 million lobbying the United States Senate–half of which was spent in Q3 alone, amounting to quadruple the amount spent over the same period last year.  Coinbase was one of the biggest supporters of the cause, spending $625,000 in Q3. Jack Dorsey’s Block, formerly known as Square, has spent over $1.7 million on lobbying since April last year.  These efforts haven’t been in vain, either.  On Wedn...

Armstrong also added that candidates will eventually be able to receive donations in crypto via the new platform. 

In the future, Coinbase plans to include information on candidates running for office (in addition to elected officials) as well as intel on politicians in other countries.

The move comes as the crypto industry fights back against regulators’ increased scrutiny. 

Armstrong announced last week that Coinbase will back a lawsuit brought forward against the Treasury, following the department’s decision in August to blacklist privacy protocol Tornado Cash on charges of money laundering.