Coinbase Faces Backlash Over Sponsorship of America’s 250th Anniversary Parade
Renowned exchange Coinbase has triggered a strong backlash in the cryptocurrency community by sponsoring the United States 250th anniversary parade, coinciding with the birthday of President Donald Trump. Many believe that Coinbase has lost its “political neutrality,” seriously damaging its brand image and violating the spirit of decentralization, with even Coinbase shareholders calling for divestment.
Coinbase Contradicts Its Own “Nonpartisan” Stance
President Donald Trump celebrated his 79th birthday on June 14, coinciding with the “America250” parade held in Washington, D.C. Coinbase was prominently featured on the sponsorship list. Previously, Coinbase CEO had publicly announced in 2020:
“The company will not participate in political or social movements unrelated to the mission of the cryptocurrency industry.”
Although the parade was promoted as a “nonpartisan commemorative event,” its association with a military celebration publicly supported by Trump ignited dissatisfaction within the crypto community.
Coinbase claims political neutrality, yet its brand is featured at a U.S. military parade.
Shareholders Call for Divestment, Users Claim “An Insult to Crypto Values”
In response, Adam Cochran, co-founder of Cinneamhain Ventures, tweeted on June 16 that he would be divesting from Coinbase, including stocks, bonds, and crypto assets. He criticized Coinbase for violating its own “political neutrality” stance by openly supporting military activities at such a sensitive time. Cochran stated:
“This is terrible marketing and harmful to the promotion of the entire crypto industry. Coinbase should reconsider and return to its original intentions!”
This move has sparked heated discussions in the crypto community, with one user stating:
“The birth of cryptocurrency was for decentralization, personal sovereignty, and to escape state oppression, not to funnel resources into institutions that fundamentally thrive on violence and killing.”
Coinbase’s Previous Engagements with the Government
Coinbase has had frequent interactions with the government, including donating $1 million as political contributions to Trump’s campaign. CEO Brian Armstrong has also met multiple times with lawmakers in Washington, pushing for legislation on stablecoin regulation. Chris LaCivita, Trump’s former joint campaign manager, has joined Coinbase’s global advisory council. Coinbase’s policy chief, Faryar Shirzad, announced at “Bitcoin 2025” that they will continue sponsoring the 250th anniversary of the founding of the United States in 2026, indicating that Coinbase is actively involved in public affairs.
However, exclusive reports from Cointelegraph indicate that Coinbase’s sponsorship of “America250” was a one-time financial contribution, with the organization claiming to be a politically neutral official commemorative entity.
Coinbase’s Sponsorship Event Coincides with Political Violence and Nationwide Protests
The situation intensified as, on the same day, a state legislator in Minnesota was shot dead at home along with family members, leading to suspicions of political motivation behind the attack, with the assailant allegedly attempting to assault another state legislator and their spouse. Additionally, about 5 million people across the country took to the streets to protest a series of controversial policies by the Trump administration, including the deployment of military forces to Los Angeles and the unchecked deportation of illegal immigrants. These events made Coinbase’s sponsorship appear particularly sensitive.
The Difficulty of Keeping the Crypto Industry Out of Politics
The controversy surrounding Coinbase highlights the long-standing contradictions within the cryptocurrency industry. The industry is fundamentally built on ideals such as “decentralization,” “anti-monopoly,” and “resistance to government oppression.” However, as companies grow larger, bringing cryptocurrency into the mainstream and ensuring its practical application will inevitably require legislative support from the government to protect user rights. Yet, for users who hold a belief in “decentralization,” this may represent an insurmountable red line.
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