Coinbase Launches Crypto Policy Education Initiative Ahead of Upcoming Elections

On August 25, Coinbase, the US’s leading cryptocurrency exchange, announced the launch of a crypto political education initiative in the US that will include a voter registration portal based on candidates’ cryptocurrency positions.

According to Coinbase, the educational initiative will allow users to freely express themselves about the various crypto-related political and regulatory issues in the United States through discussions and tools useful for learning.

Involves the crypto community in the political debate

Coinbase Chief Policy Officer Faryar Shirzad, who served as a security advisor to the White House, said via his Twitter account that the exchange launched this initiative because “electing leaders who are pro-innovation and who favor sensible crypto policies is critical to [Coinabse’s] mission.”

1/ Electing leaders who are pro-innovation and who favor sensible crypto policy is critical to our mission to increase economic freedom. That’s why we’re launching an initiative to help the crypto community engage and be heard. Read more:

— Faryar Shirzad (@faryarshirzad) 25 August 2022

Shirzad pointed out that the company believes it is important to make informed decisions when it comes to voting. The idea behind this new initiative is to help users decide and choose the candidate that suits them best:

“The leaders we elect in November will be the ones making critical decisions about the future of crypto, blockchain and web3 – and about your financial freedom […] The most important way to make a difference in shaping what happens is by being informed and by voting. That is why we are launching a voter registration portal and education initiative.”

In addition, attendees will be able to ask the candidates questions about crypto topics of interest, so they can understand their positions at the regulatory level. This option could strengthen the relationship between politicians and the crypto community.

Coinbase and its changing relationship with politics

Coinbase isn’t exactly known for its tendency to promote free speech when it comes to US politics.

On September 27, 2020, Armstrong published a letter to its employees stating that the company would not allow any debate about political candidates, and called for the resignation of workers who did not want to follow company policy.

“[not allowed] Debate causes or political candidates internally; expect the company to represent our personal beliefs externally; assuming negative intentions, or not having each other’s backs [and] take on activism outside of our core mission at work.”

This happened during Trump’s political campaign for re-election. However, the company’s neutral stance seems to have changed to a more proactive one after the many attacks from regulators and users.

Shirzad argues that Coinbase’s policy is to stay out of politics as long as politicians stay out of the mission. He says the 2022 US midterm elections are a key moment for Coinbase, which may explain why the company is behaving so differently to the 2020 presidential election:

2/ We have always said that we will involve ourselves in the political process at moments when it directly affects our mission – the 2022 US midterm elections being one of those key moments.

— Faryar Shirzad (@faryarshirzad) 25 August 2022

Coinbase is currently facing a legal investigation by the US Securities and Exchange Commission (SEC) over the listing of nine unregulated securities. A crypto-friendly regulatory framework can really help them and the entire crypto industry grow.