Coinbase makes move to buy back junk bondCoinbase, the well-known U.S.-based cryptocurrency exchange, made a perplexing choice recently.
In their latest initiative, which seeks to embolden crypto enthusiasts to reach out to their legislative representatives, they’ve unwittingly thrown the spotlight on a congressman with a tainted reputation.
The featured House of Representatives member, it turns out, previously owned up to not one, not two, but 11 ethics violations.
The “Speak Directly” Push
The “Stand with Crypto Alliance” initiative by Coinbase, as of August 15, garnered an impressive tally of over 54,000 signatories. This movement’s primary goal is to foster direct dialogue between cryptocurrency holders and federal-level U.S. lawmakers.
The program even enables participants to gauge the ‘crypto temperament’ of their representatives in the U.S. Senate and House. But here’s the catch. Among the faces gracing the campaign’s landing page, one notably stands out – Rep. David Schweikert.
Labeled as ‘very supportive’ of crypto policies, Schweikert’s inclusion seems a curious choice given his questionable past. While Senator Elizabeth Warren and Rep. Brad Sherman find themselves under the ‘strongly against’ category, other representatives like Josh Gottheimer and Ritchie Torres are labeled as being in favor of cryptocurrency.
Coinbase’s platform duly notes that Rep. Schweikert has been a pro-crypto advocate, backing multiple bills and making various statements in support of digital assets.
They did include a fine print warning that certain Congress members might hold views that users vehemently disagree with. However, they steered clear of addressing any non-crypto related matters or controversies.
Schweikert’s Shady History
Now, if you’re wondering why the inclusion of Rep. Schweikert should raise eyebrows, here’s a quick recap. In 2020, this Arizona representative was slapped with a $50,000 fine by the House Ethics Committee.
The offense? Violations of campaign finance that were not in line with House ethics standards. Fast forward to 2022, and the Federal Election Commission handed him a whopping fine of $125,000 for similar allegations.
The core issue revolved around not reporting loans correctly and misappropriating campaign funds for personal use. Despite reaching out, no comments were provided by Schweikert’s office till the last update.
Coinbase’s initiative, while commendable in its intent, does seem to exhibit shades of a political undercurrent.
At the last glance, the Stand with Crypto Alliance received a cheeky donation from a user with the pseudonym “Jerry Mander”, an evident pun on ‘gerrymander’, hinting at political boundary manipulations.
A separate donation worth $191.98 might trace back to Roger Bartlett, a key player in Coinbase’s operations, though this remains unconfirmed.
Coinbase, with its high-profile reputation, needs to be careful with its associations, more so when they tread on political grounds. This venture, pushing for crypto holders to vote in pro-crypto candidates, comes at a time when Coinbase itself is wrestling with a lawsuit from the SEC.
With lawmakers and crypto advocates divided on the lawsuit, it’s essential to ensure that the public relations optics don’t sour any further. After all, in the intricate dance of politics, finance, and technology, every step counts.
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