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Brian Armstrong, the CEO of Coinbase, has openly supported a proposal for global leaders to establish strategic reserves of Bitcoin.
In a blog post dated January 17, discussing “financial freedom,” Armstrong emphasized cryptocurrencies as “the next chapter of capitalism” and outlined measures for governments to adopt digital assets by 2025.
Among his recommendations were the implementation of crypto-friendly regulations, enhancing government efficiency, creating designated economic zones, and establishing Bitcoin reserves as a protection against inflation.
Bitcoin May Play Key Role in Global Economy
Armstrong contended that Bitcoin could serve a fundamental role in the global economy, comparing it to gold, and suggested it might become crucial for national security.
“The next global arms race will likely be in the digital economy, not space,” Armstrong stated.
Coinbase has maintained strong connections with U.S. lawmakers, contributing over $45 million to the Fairshake political action committee during the 2024 election cycle.
The company also contributed $1 million to President-elect Donald Trump’s inauguration fund.
Armstrong reportedly met with Trump in November to discuss key personnel appointments, indicating the exchange’s potential influence on future U.S. crypto regulations.
Yes – the goal shouldn’t be income equality (which could undermine much of the incentive for individuals to work hard and foster economic growth). It should be to select the system that benefits the most people. And free market capitalism is the best-known system to achieve that,… https://t.co/mp6WdH6k8O
— Brian Armstrong (@brian_armstrong) January 16, 2025
Kara Calvert, Coinbase’s vice president of U.S. policy, conveyed the company’s readiness to work with the incoming administration but did not comment on plans for a national Bitcoin reserve.
However, Trump has indicated a desire to prioritize cryptocurrency at the national level, including proposals for a Bitcoin stockpile, fulfilling a campaign promise to the crypto sector.
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The regulatory environment for Coinbase remains uncertain as Trump prepares to assume office on January 20.
The U.S. Securities and Exchange Commission (SEC), under new leadership, will oversee ongoing legal challenges involving the exchange.
In June 2023, the SEC initiated a lawsuit against Coinbase, claiming it operated as an unregistered securities exchange, broker, and clearing agency.
A federal judge recently stayed the case pending a forthcoming court ruling on an interlocutory appeal.
Separately, Coinbase has taken legal action against the SEC and the Federal Deposit Insurance Corporation over allegations of bias against crypto firms.
An appellate court is also expected to rule on Coinbase’s 2022 petition for the SEC to establish clearer guidelines for determining securities in the digital asset sector.
New Hampshire and North Dakota Latest U.S. States to Propose Bitcoin Reserves
New Hampshire and North Dakota have introduced legislation to create strategic Bitcoin reserves, reflecting a growing trend among U.S. states to diversify their treasuries with cryptocurrency.
Previously, Ohio suggested adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.
Similarly, on December 12, 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, proposing that the state comptroller hold Bitcoin as a reserve asset for at least five years.
Pennsylvania took a comparable action in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.
Additionally, corporate Bitcoin holders such as MicroStrategy and Metaplanet have increased their Bitcoin holdings.
The post Coinbase CEO Brian Armstrong Backs Global Bitcoin Strategic Reserves Initiative appeared first on Cryptonews.
