Coinbase has come under scrutiny after sponsoring the 250th anniversary celebration of the US Army in Washington, prompting backlash within the crypto community.
Sponsorship and Its Consequences
On June 16, Adam Cochran, a partner at Cinneamhain Venture, announced on X that he would be exiting his positions with Coinbase due to its military parade sponsorship. He criticized the firm for taking a political stance contrary to its previous assertions of neutrality, stating: "Sponsoring a military parade in a divided country, with already split views on crypto, isn’t true to this policy.”
Community Reaction
Criticism from crypto community members has intensified amid deepening political tensions in the US. One user, Captain Nemo, expressed that "What Coinbase did by sponsoring this army parade feels like an insult to everything our industry stands for." They emphasized that cryptocurrency emerged from ideals of decentralization and freedom, not to support military institutions.
Coinbase's Political Connections
Coinbase has previously made financial contributions to political figures, including $1 million to Donald Trump's inauguration fund. CEO Brian Armstrong has also participated in meetings in Washington. Coinbase's chief policy officer, Faryar Shirzad, announced plans to sponsor the 2026 semiquincentennial celebration for the US.
The sponsorship by Coinbase ignites discussions about the crypto industry's role in politics and how such actions may affect public perception of cryptocurrencies.
