Keep your friends close, Keep your enemies closer...
I think everyone out there is by now well aware of the war being waged against crypto by the SEC, regulators, and some politicians. A war in which no effort has been spared to gradually stifle cryptocurrency, even when it requires going so far as to sanction an entirely open source code and arrest its developers, which arguably is a blatant violation of the First Amendment (code is a form of free speech). As is always the case, those who are in power can always impose rules and laws to get everything under control. However, there is an old saying that goes "if you can't beat them, join them", but how about politicians joining the crypto's side? Instead of fighting us, wouldn't it be amazing to have them fighting for us? This is exactly what the largest US exchange is seemingly trying to do by launching by adding a scorecard for politicians right into its app.
From now on, Coinbase users can easily check which politicians, lawmakers, and members of congress are on Crypto's side and which are against it right from the Coinbase app. In other words, they can figure out their friends from their enemies
Politicians' whims follow public whims...
One could ask about the point of scoring politicians based on their stands on crypto, the answer is pretty straightforward- getting them or replacing them...
To be honest, nobody with half a brain can trust politicians or believe what they have to say, but regardless of your view of them, there is no denying that they always try to please as many people as they can to ensure good results at the ballot box. If there is a prevailing opinion among a large slice of people, they could easily go along with it whether they understand it or not. This is how they work, and the ideal way to deal with them is to expose their views right to the public, putting them under judgment. Let's not forget that the US is pretty close to the midterm elections which is a perfect time to show the crypto-community how friendly their local politicians are. According to Faryar Shirzad, chief policy officer at Coinbase,
The leaders we elect this November will be the ones making critical decisions about the future of crypto, blockchain, and web3 - and about your economic freedom.
Coinbase plans to go further with getting politicians into the cryptocurrency side by opening up avenues for them to get support from the community. According to Coinbase CEO, Brian Armstrong,:
Over time, we want to help pro-crypto candidates solicit donations from the crypto community (in crypto). We'll also expand to get more geographic coverage in global elections, and add data on various candidates running for office (not just current elected officials).
With millions of dollars worth of Bitcoin pouring to support Ukraine, the crypto community proves it can be more than generous when it comes to backing noble goals. And with the current narrative, I think it's not far-fetched to imagine 2024 presidential candidates asking for support from the crypto community, and that of course wouldn't be for free. Perhaps we can expect regulatory facilities or promises to promote crypto adoption from those politicians too. Who knows? Maybe someone will show up and raise the slogan "Let's make crypto great again." lol
What do you guys think about Coinbase's initiative? Do think the crypto community is able to pull regulators and politicians to its side?
I'm keen to read your opinions and thoughts...
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Thanks for highlighting this as I didn't know about it. For Coinbase, this is a smart move in putting political leaders on notice that their support (or lack thereof) will be shared with the Coinbase community. Hopefully, it will result in politicians either leaving us the hell alone, or backing legislation which benefits the HODLers of cryptocurrency.
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I think it is not too far-fetched to imagine some of them jumping to crypto's defense as long as it will bring them positive publicity...
Thanks for reading
When I read the title of your post, I thought I would come across something like this; Keep your friends close, Keep your enemies closer but go to another planet if you see a politician living near you. Thanks @qsyal for sharing this kind of content.