Coinbase Global Inc. is adding a scorecard for politicians directly to its app as the largest U.S. cryptocurrency exchange ramps up its policy enforcement efforts after expressing frustration with lawmakers and regulators.
US customers can check the crypto sentiment scores of members of Congress based on their past statements, Coinbase CEO Brian Armstrong wrote in a series of tweets on Wednesday. They can also register to vote and learn about what’s going on at their local town hall.
Over time, the effort will expand to global elections and help candidates receive cryptocurrency donations, he said. Coinbase has over 100 million verified users.
Coinbase is among the crypto firms that want to be at the forefront of shaping the regulatory environment for the digital asset industry. It recently launched a voter registration tool and took a strong stand against the Treasury Department’s decision to approve coin mixer Tornado Cash by supporting a lawsuit filed by two Coinbase employees and others.
1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live. pic.twitter.com/3GqWZIioZQ
— Brian Armstrong (@brian_armstrong) September 14, 2022
Coinbase has also used more conventional means to influence Washington. It spent $1 million on lobbying in the second quarter, a record for the company, and launched a political action committee in February to collect donations from employees and donations to members of Congress.
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Millions of crypto-backed dollars are pouring into the coffers of federal candidates and committees ahead of November’s congressional elections. From January 2021 to July, donations from the crypto industry at the federal level surpassed oil and gas, transportation and defense, according to a Bloomberg analysis. Major cryptocurrency donors include Sam Bankman-Fried of the FTX crypto exchange and Michael Novogratz of Galaxy Digital.
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