Cryptocurrency giant Coinbase has recently launched a political initiative, ‘Stand with Crypto Alliance,’ aiming to open dialogue channels directly between crypto holders and lawmakers. This move comes with a barb of circumspection, as political figures featured in the initiative may have some skeletons in the closet.
Interestingly, the political advocacy of the Alliance includes an US lawmaker David Schweikert who has a history of ethics violations. As part of a settlement linked to violations of House ethics rules, Representative Schweikert paid $175,000. The violations were primarily related to campaign finance, specifically, failing to report loans and misuse of campaign funds for personal ends.
Schweikert’s inclusion in the initiative, though seen as controversial, comes from his strong support for crypto policies, having backed three pro-crypto bills during his tenure. He’s not been shy with his support, making four public statements referencing digital assets.
But in the tumultuous world of politics, Schweikert isn’t the only one standing on shaky grounds when it comes to ethical indiscretions. Other highlighted supporters of the crypto sphere include Senators Elizabeth Warren and Brad Sherman who’ve been marked as strongly against crypto policies. Warren has often linked crypto to illicit activities, while Rep. Torres has urged the U.S. Securities and Exchange Commission to limit its enforcement cases related to crypto firms.
Coinbase’s political initiative is a call to arms for crypto holders urging them to elect pro-crypto candidates. The campaign has already made powerful strides with over 54,000 individuals signing on. It’s not free from its entanglements though, featuring enigmatic donors like Jerry Mander and a possibly unverified contribution from a prominent figure within Coinbase itself.
The ‘Stand with Crypto Alliance’ comes at a time when the crypto industry is signaling a directional change. Another industry heavyweight, Binance, is shutting down their regulated buy-and-sell crypto arm responding to “changing market and user needs.”
This brings into focus the duality of crypto’s narrative where no firm, technology, or individual exists solely in black or white. In this light, David Schweikert’s hazy history points to the unfurling complexities of the ongoing crypto conversation. Aligning with crypto advocates is a bold declaration, but when the advocates themselves carry shadows of ethical breaches, one wonders whether the ends justify the means. With the ‘Stand with Crypto Alliance’, Coinbase seems to believe they do.