Coinbase has faced strong protests from cryptocurrency users for sponsoring the U.S. Army's 250th anniversary celebration held in Washington, D.C.
In a post on the X platform on June 16, Adam Cochran, a partner at venture capital firm Cinneamhain Venture, stated that he would withdraw all his investments in Coinbase—including stocks, bonds, and transfer crypto assets—in response to the exchange's sponsorship of the military parade.
Cochran pointed out that although the company had previously stated it would not advocate for specific positions, it has now taken a political stance. He said, "While I personally do not agree with remaining politically silent (which is obvious), I can understand a company choosing to remain politically neutral and focus on its core business."
"This was reasonable. However, sponsoring a military parade in a politically divided country, while the cryptocurrency industry already has differing opinions, contradicts their claimed policy; even if this is not a strange and uncomfortable practice, it is a poor marketing strategy that harms industry development."
Amid the ongoing escalation of political tensions in the U.S., criticism from members of the crypto community has been rising.
The event on Saturday was officially promoted as the U.S. Army's 250th anniversary celebration, receiving public support from President Trump, who happened to be celebrating his 79th birthday that day.
On the day of the parade, a state legislator from Minnesota and her husband were killed at home, with some officials stating it was a politically motivated crime. The attacker also attempted to murder a sitting state senator and his wife that day.
Reports indicate that about 5 million people gathered in cities across the U.S. to protest several policies of the Trump administration, including the deployment of troops to Los Angeles and the deportation of undocumented immigrants without due process.
X user Captain Nemo stated in a post on June 15, "Coinbase's sponsorship of this Army parade feels like an insult to everything our industry represents. Cryptocurrency originated from the ideals of decentralization, personal sovereignty, and breaking free from oppressive state control—not channeling resources to institutions whose core purposes involve violence and ending lives."
Online discussions among cryptocurrency users have focused on the potential impact of the company's increasingly close relationship with the government on industry culture. This industry, which emerged after the 2008 financial crisis, has always been seen as a representative of liberalism and anti-establishment sentiments.
"For those who have never interacted with cryptocurrency and have only heard such reports, this may give the impression of being government-controlled, reducing their likelihood of participation," Reddit user GreedVault noted when discussing the Coinbase sponsorship incident.
"While I am not defending Coinbase, I do believe that Trump's tendency to retaliate against opponents should not be underestimated."
Coinbase has a history of providing financial support to political figures, having donated $1 million to Trump's inauguration fund. CEO Brian Armstrong has also made several trips to Washington, D.C., to attend a cryptocurrency summit hosted by the president in March and pushed lawmakers to vote in favor of a stablecoin regulatory bill in May.
The exchange's Chief Policy Officer Faryar Shirzad announced at the Bitcoin 2025 conference in Las Vegas that the company would also sponsor the 250th anniversary celebration of the founding of the United States in 2026.
A source informed Cointelegraph that Coinbase's financial support for the parade was achieved through a one-time donation to America250, a "nonpartisan initiative" organization behind the series of celebrations for the 250th anniversary of the founding of the United States.
Related: Former TON Foundation executive launches Telegram-based cryptocurrency investment app
Original article: “Coinbase Faces Severe Criticism for Supporting U.S. Military Parade”
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