According to data taken from Crypto Action Network, Coinbase is compiling a “crypto scorecard” to analyze the performance of U.S. senators in light of their statements and votes on cryptocurrency issues.
To gauge how different politicians feel about the cryptocurrency industry, Coinbase has begun incorporating a scorecard into its app. On September 15th, CEO Brian Armstrong tweeted about how the company incorporated crypto policy work into the app. The goal is to inform users, based on their location, about the stances of their local lawmakers on crypto.
Although its functionality is currently limited to people in the United States, Coinbase wants to expand to more places. Users in the U.S. can view a crypto sentiment score for their senators and representatives based on their public stance on the topic.
Additionally, it intends to assist in fundraising, with Armstrong stating that, in the long run, they hope to assist pro-crypto politicians in raising funds from the crypto community . Further, he says they plan to grow to provide coverage of elections worldwide in additional regions and to provide information on a broader range of candidates for office.
Coinbase has collaborated with an organization named Crypto Action Network to gather this information. Armstrong sincerely wishes that crypto community members will do what they can to ensure that crypto-friendly candidates are elected..
The Operation of the Scorecard
Officials are given grades based on their public words and activities published by Crypto Action Network in their scorecards. Methods include legislation sponsorship and/or co-sponsorship, public comments of support or opposition, voting on specific cryptocurrencies, caucus membership, and others.
Coinbase has made significant efforts to win over government authorities through regulatory compliance and lobbying. Whether or not prejudice will actually emerge is an open question that worries some people.
Politics and Coinbase: Always a Hot Potato
Coinbase’s lobbying efforts to win over lawmakers have led to a few awkward political situations. It was clear from the conversation that employees’ discussions of political or social issues were off-limits at work. Therefore, the introduction of a political crypto scorecard function may be met with skepticism by some members of the crypto community.
But Coinbase might say that its scorecard is mission-driven. It’s clear that the exchange wants to win over lawmakers, and Armstrong has even said that it wants every company in the world to use crypto.
