New Governors Abigail Spanberger, Mikie Sherrill Congratulated By Brian Armstrong: Coinbase CEO Calls It 'Another Milestone' For Pro-Crypto Advocates

Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong celebrated the inaugurations of Abigail Spanberger as Governor of Virginia and Mikie Sherrill as Governor of New Jersey, framing it as a win for pro-cryptocurrency politicians

Armstrong Congratulates ‘Pro-Crypto’ Advocates

In an X post, Armstrong congratulated the new governors, describing it as a “milestone moment” for pro-cryptocurrency advocates in office.

Spanberger’s Complex Stance On Crypto Policy

Spanberger made history last year, defeating Republican nominee Winsome Earle-Searsto to become Virginia’s first female governor.

Her positions show a mixed record on cryptocurrency issues. As a House Representative, she voted in favor of the pro-cryptocurrency FIT21 bill but went against the CBDC Anti-Surveillance State Act, which aimed to prohibit central bank digital currencies.

Sherrill Supported The House Clarity Act

Sherrill emerged victorious last year, defeating Republican Jack Ciattarelli to become the first female Democrat to serve as Governor of New Jersey.

Like Spanberger, Sherill voted in favor of the FIT21 bill but opposed the Anti-CBDC Act. She also voted in support of the CLARITY Act, a bill that seeks to establish a clear regulatory framework for cryptocurrency markets.

Coinbase Champions Crypto Regulatory Framework

Armstrong has been actively engaging with the White House and Congress to advance the cryptocurrency market structure bill, the Senate’s version of the CLARITY Act.

Notably, Coinbase withdrew its support for the cryptocurrency market structure bill, hours before lawmakers were set to vote on the legislation. The withdrawal led to an indefinite postponement of the bill’s markup.

Despite the legislative fallout, Armstrong said that the White House has been “super constructive” and has even asked Coinbase to engage in negotiations with banks.

Price Action: Coinbase shares fell 0.32% in after-hours trading after closing 5.57% lower at $227.73 during Tuesday’s regular trading session, according to data from Benzinga Pro. 

The stock maintains a stronger price trend over the short, medium, and long terms with a very high Growth ranking, according to Benzinga’s Edge Stock Rankings.

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