Coinbase Is Highlighting Politicians on Their Crypto-Friendliness

(Bloomberg) -- Coinbase Global Inc. is adding a scorecard for politicians right into its app as the largest US cryptocurrency exchange amps up its policy advocacy efforts after expressing frustration with lawmakers and regulators.

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American customers can check crypto sentiment scores for members of Congress based on their past statements, Brian Armstrong, chief executive officer of Coinbase, wrote in a series of tweets Wednesday. They can also register to vote and find out about local town hall events.

Over time, the effort will expand to global elections and help candidates solicit donations in crypto, he said. Coinbase has more than 100 million verified users.

Coinbase is among crypto firms seeking to be at the forefront of shaping the regulatory environment for the digital assets industry. It recently launched a voter registration tool, and took a high-profile stance against the Treasury Department’s decision to sanction coin mixer Tornado Cash by backing a lawsuit filed by two Coinbase employees and others.

Coinbase has also used more conventional means to influence Washington. It spent $1 million on lobbying in the second quarter, a record amount for the company, and launched a political action committee in February to pool donations from employees and donate to members of Congress.

Read More: Crypto Industry Seeks Clout With PAC to Spread Huge Haul of Cash

Millions of crypto-backed dollars are going into the coffers of federal candidates and committees ahead of November’s congressional elections. Donations from the crypto industry at the federal level have surpassed oil and gas, transportation and defense industries, from January 2021 through July, according to a Bloomberg analysis. Major crypto donors include Sam Bankman-Fried of crypto exchange FTX and Michael Novogratz of Galaxy Digital.

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