Brian Armstrong, CEO of cryptocurrency exchange Coinbase, has publicly endorsed GOP nominee David McCormick for the Pennsylvania senate seat, citing his friendlier stance on cryptocurrency.
What Happened: Armstrong took to X Sunday to back the Senate hopeful. “If you live in Pennsylvania, you should vote for Dave McCormick. He is the better candidate on crypto (among many other credentials),” Armstrong wrote.
If you live in Pennsylvania you should vote for @DaveMcCormickPA He is the better candidate on crypto (among many other credentials) https://t.co/BMFIVwB8NO
— Brian Armstrong (@brian_armstrong) October 20, 2024
The former CEO of Bridgewater Associates announced his candidacy last year, aiming to unseat three-time incumbent Democratic Sen. Bob Casey Jr.
A U.S. Army veteran and former Treasury Department official, McCormick has publicly expressed his pro-cryptocurrency stance. He stated that American leadership in blockchain and cryptocurrency is important to the country’s economic and national security.
Interestingly, in May earlier this year, his rival Casey crossed the party line to support a resolution against the SEC’s anti-cryptocurrency SAB121. On the other hand, he cosponsored the Digital Asset Anti-Money Laundering Act of 2023, brought forward by anti-cryptocurrency crusader Sen. Elizabeth Warren (D-Mass.)
According to the cryptocurrency-based prediction market Polymarket, Donald Trump had a 57% chance, against Kamala Harris’ 43%, of winning the popular vote in the key swing state.
Why It Matters: Armstrong’s endorsement of McCormick was significant, given his position as the head of one of the world’s largest digital asset trading platforms.
The cryptocurrency mogul had previously said that cryptocurrency is a non-partisan issue, with advocates from both sides of the political spectrum championing its cause.
The company revealed earlier this year it was engaging with both the Trump campaign and the Harris campaign to push for regulatory clarity for the industry.