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Coinbase launches a voter registration tool despite earlier stand on being apolitical

Coinbase insider trading
Coinbase insider trading

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Coinbase, the largest cryptocurrency exchange in the United States, has launched a voter registration tool ahead of the November elections. The exchange has also launched a crypto policy education initiative.

Coinbase launches a voter registration tool

The exchange said that the initiative would involve deploying resources to educate users about different matters in the cryptocurrency sector. They will also be educated on the elected members’ positions and how they can be part of the conversation.

The chief policy officer, Faryar Shirzad, published a blog post saying that the November elections would be the “most important in crypto’s history.” Those taking up offices after the elections will make critical decisions on regulating cryptocurrencies, Web3, and blockchain.

Shirzad also said that the feedback gathered from the exchange users showed that they wanted to be involved in the debates and were looking for trusted tools, resources, and support to make their voices heard.

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The recent announcement is a different stand than the one taken by the exchange in 2020 by its San Francisco office after protests surrounding the killing of George Floyd. At the time, the exchange said it would not get involved in politics.

In 2020, Coinbase employees asked the exchange’s CEO, Brian Armstrong, about his view on the Black Lives Matter movement. However, Armstrong declined to take a stance on the matter. Instead, he said that Coinbase was a “mission-focused company. Armstrong’s response at the time led to 5% of the staff taking an exit package and leaving the company.

A year after Armstrong’s remarks, the chief legal officer at the company said that the company’s failure to take a political stand at the time was a success.

In a recent blog post, Coinbase said that the company did not usually talk about politics. However, there was an exception where it was necessary to engage in political matters if it related to the mission of the exchange to achieve financial freedom.

Coinbase plans to cut costs

Coinbase is among the crypto firms forced to lower their staff because of the ongoing bear market. The exchange is planning to cut costs and restructure to keep up with the bear cycle. One of the ways Coinbase plans to do this is to shift away from merely focusing on deriving revenues from trading fees and look towards subscription-based services.

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