Coinbase CEO Advocates for U.S. Bitcoin Strategic Reserve as Crypto Industry Gains Political Clout
Coinbase CEO Brian Armstrong has proposed the creation of a U.S. bitcoin strategic reserve, framing it as a key element of “economic freedom” in a blog post shared with Axios. The post coincides with the second Trump inauguration and Armstrong’s trip to the World Economic Forum.
Armstrong has emerged as a prominent advocate for the crypto industry in Washington, pushing for policies to support innovation, deregulation, and economic freedom. He calls on world leaders to establish bitcoin reserves, create special economic zones for digital assets, and improve government efficiency.
Coinbase, valued at $73 billion, has gained influence by funding political action committees like Fairshake and advocacy groups like Stand With Crypto. The company has also emphasized the importance of regulatory clarity and alignment between the CFTC and SEC.
Armstrong has met privately with Trump twice, signaling a growing connection between crypto leaders and policymakers. The proposed bitcoin reserve could involve the Treasury holding or acquiring bitcoin, with details left to lawmakers.
Crypto Industry Donates $10M to Trump’s Inauguration as Firms Vie for Influence in Pro-Crypto Administration
Leading crypto companies, including Ripple, Coinbase, Kraken, Robinhood, and Circle, have contributed over $10 million to President-elect Donald Trump’s inauguration fund, celebrating his status as the first explicitly pro-crypto U.S. president. The funds will support inauguration events, including a sold-out ball featuring Snoop Dogg.
The industry is capitalizing on Trump’s regulatory promises, such as creating a digital assets advisory council and stockpiling bitcoin. Executives and lobbyists are flocking to Washington to secure influence, with Ripple, Coinbase, and others making seven-figure donations. Critics, including Sen. Elizabeth Warren, have accused the administration of selling influence.
Massachusetts Joins Seven States in Strategic Bitcoin Reserve Proposals as Federal Action Looms
Eight U.S. states have now proposed the establishment of Strategic Bitcoin Reserves, with Massachusetts joining Oklahoma, New Hampshire, Wyoming, Texas, Pennsylvania, Ohio, and North Dakota in pursuing legislation. Massachusetts Senator Peter Durant introduced the bill, marking the first proposal of its kind from a deep blue state. Meanwhile, discussions at the federal level suggest a Strategic Bitcoin Reserve plan could be advanced via executive orders or new legislative measures, signaling growing interest across the political spectrum.
