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Coinbase CEO's journey from no 'political causes' to hiring DOGE staff
- Coinbase CEO Brian Armstrong, previously against expressing political views at work, appears open to collaboration with Republican figures, including those close to Donald Trump.
- He welcomed the DOGE team, led by Elon Musk, to help implement cost-cutting changes at Coinbase after their stint in the US government, offering an accelerated onboarding process.
- The move contrasts Armstrong's earlier stance as California tech companies leaned Democrat; his shift included not supporting BLM publicly and handling a walkout by employees who felt Coinbase was not aligned with their views.
- Coinbase received a Wells notice from the SEC in 2023, potentially leading to advocacy roles led by Armstrong, transitioning from criticizing the SEC to actively engaging in the legislative process.
- Leading up to the 2024 election, Armstrong's actions, including launching Stand with Crypto Alliance and Fairshake PAC, influenced the crypto community's role in US politics and elections.
- Despite supporting crypto-friendly policies, Armstrong maintained flexibility by expressing willingness to work with either Trump or Democratic candidates, positioning Coinbase for collaboration with the administration in power.
- Armstrong increased his presence in Washington, meeting with Trump post-election, attending related events, and engaging with lawmakers to support bills regulating the crypto market, amid dropping SEC actions.
- Recent scrutiny around Trump's ties to the crypto industry, including the family-backed platform World Liberty Financial and his memecoin, calls for transparency, with Coinbase and Armstrong refraining from comment on the President's activities.
- Armstrong's evolving role in the industry and influence in government policies, along with the administration's favorable stance towards crypto, signal potential shifts in Coinbase's trajectory and relationships within the political sphere.
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