Coinbase CEO Brian Armstrong Endorses Dave McCormick, John Deaton For Senate

In a series of October 20 X posts, Coinbase CEO Brian Armstrong endorsed Pennsylvania Senate candidate Dave McCormick and Massachusetts-based Senate hopeful John Deaton, both strong advocates for crypto, ahead of the 2024 elections.

Brian Armstrong Endorses Dave McCormick and John Deaton for Senate

Both candidates, McCormick and Deaton, have been recognized for their pro-crypto stances, receiving “A” ratings from Stand With Crypto, a digital asset advocacy group founded by Coinbase.

The group advocates for sensible crypto regulations and has most recently endorsed candidates who align with that vision ahead of the upcoming elections.

As the race for the Pennsylvania Senate seat tightens, Armstrong’s public support for McCormick marked a pivotal moment in the candidate’s campaign.

McCormick, who has been leading in Pennsylvania’s Senate election polls for the first time, earned Armstrong’s backing as the “better candidate on crypto (among many other credentials).”

“Embracing crypto and blockchain will unlock great jobs for our commonwealth and benefit our national security,” McCormick said in June, stressing that if Congress doesn’t embrace this next wave of innovation, the U.S. risks being left behind.

John Deaton and Brian Armstrong Push for Pro-Crypto Policies

Armstrong also criticized Senator Elizabeth Warren and SEC Chair Gary Gensler for their regulation-by-enforcement approach to digital assets, which he claims harms the crypto industry.

“Crypto holders in MA should realize @SenWarren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America,” Armstrong wrote. “She is anti-freedom, thinks the government should run all financial services (similar to China), and has done enormous harm to this country.”

Warren has been a staunch opponent of cryptocurrency, having introduced the Digital Assets Anti-Money Laundering Act (DAAMLA) to extend elements of the Bank Secrecy Act to crypto providers.

“Rogue nations, oligarchs, drug lords, and human traffickers are using digital assets to launder billions in stolen funds, evade sanctions, and finance terrorism,” Warren said at the time.

She further added that “the crypto industry should follow common-sense rules like banks, brokers, and Western Union,” emphasizing that her legislation would ensure consistent standards across similar financial transactions.

As polls show Warren maintaining a substantial lead over John Deaton, the outcome of the Pennsylvania Senate race, featuring Dave McCormick, remains closely contested.

Armstrong’s support has energized the crypto community, who view both McCormick and Deaton as key figures in advancing pro-crypto policies in Washington.