"Coinbase CEO's Crypto Wake-up Call"

Crypto insiders are weighing in on Super Tuesday’s congressional primary results, which could have an impact on Washington. According to Coinbase CEO Brian Armstrong, politicians need to understand how broad the crypto enthusiast community is. Several congressional seats will be decided Tuesday in the primary elections across 15 US states, further establishing the presidential race later this year, but Coinbase CEO Brian Armstrong said it’s also a chance to send a message to federal politicians who haven’t come up with crypto policies yet.Coinbase CEO voiced issuesHe told the crowd at a crypto rally in California on the eve of so-called Super Tuesday that “they still don’t take us seriously.” Digital assets are attracting more voters, he said.Armstrong said “Suddenly everyone in DC is going to realize this is just good politics,” suggesting politicians will figure out crypto soon. “If I want to be elected, I need to go understand this technology and represent my constituency.” It is the second time that crypto is a significant player in congressional campaigns, contributing tens of millions to candidates who support it or to candidates who oppose it.Among California’s top two Democratic Senate candidates, there is a pronounced divide over crypto, according to Stand With Crypto. Based on remarks or positions they’ve taken on crypto legislation, Rep. Adam Schiff (D-Calif.) and Rep. Katie Porter (D-Calif.) have an A and F, respectively.If Porter fails to make it into the top two in today’s vote, she won’t be able to make the general election. Fairshake, a crypto political action committee (PAC), has spent millions on undermining her Senate bid. Polls suggest she’s well behind Schiff and Steve Garvey, the top Republican.Congressional elections are influencedDemocrat Julie Johnson’s congressional election in Texas and Democrat Shomari Figures’ election in Alabama are also closely watched by the digital assets industry. In both of those candidates’ congressional campaigns, there are a lot of candidates on the primary ballot. Figures’ website declares that he hopes to “embrace the new landscape around digital assets,” while Johnson claims that “Americans can benefit from crypto innovation.”There will be a significant reduction in the number of candidates for Congress by Wednesday. It was primarily sure-thing candidates that received industry donations two years ago. However, due to the large share of donations from the defunct exchange FTX and its disgraced founder, Sam Bankman-Fried, one third of Congress faces the embarrassment of explaining or withdrawing them.With the bankruptcy of FTX and a number of crypto lenders and miner companies in 2022, crypto has become more divisive. There have been several legislative debates since then. Republicans have been more likely to support the industry, so friendly Democrats could become increasingly difficult to find.Likewise, a former Democrat, Arizona Sen. Kyrsten Sinema, announced she will be stepping down at year’s end. Sinema played a part in developing the infrastructure bill of 2021 that had tax implications detrimental to the crypto industry. That convinced the industry to ramp up lobbying and campaign finance in 2022.