Key Points:

• Coinbase CEO endorsed the creation of a U.S. Strategic Bitcoin Reserve, calling for pro-crypto regulation and special economic zones.
• Eight U.S. states have proposed Strategic Bitcoin Reserve plans, while the federal government may pursue a national reserve through executive orders.

Coinbase, the U.S. largest cryptocurrency exchange, has publicly thrown its weight behind the establishment of a U.S. Strategic Bitcoin Reserve for the first time.

Read more: Strategic Bitcoin Reserve Continues to Win Support in Massachusetts and Wyoming 

Coinbase CEO Supports U.S. Strategic Bitcoin Reserve

CEO Brian Armstrong revealed this endorsement in a blog post about advancing “economic freedom,” exclusively obtained by Axios, as he prepares to attend the World Economic Forum and the second inauguration of Donald Trump.

The Strategic Bitcoin Reserve plan has momentum among the U.S. states, with eight so far- Oklahoma, New Hampshire, Wyoming, Texas, Pennsylvania, Ohio, Massachusetts, and North Dakota- having filed or proposed their version of a reserve plan. And the federal government can move forward on a national reserve through executive order or legislation.

Coinbase Strengthens Role in Crypto Advocacy and Regulation

Armstrong emphasized four things the government should do to safeguard cryptocurrency: pass pro-crypto legislation; create a Strategic Bitcoin Reserve; create special economic zones for the digital asset economy; and increase government efficiency through the new Department of Government Efficiency (DOGE) to be headed by Elon Musk.

Coinbase is a $73 billion force to be reckoned with in the cryptocurrency space, pushing not only for favourable regulations but also backing initiatives such as Fairshake, a political action committee that proved a potent force in recent Congressional elections.

Armstrong’s company also supports Stand With Crypto, a grassroots organization claiming to have rallied more than two million supporters on behalf of the crypto industry.