Update (June 16 at 10:13 pm UTC): This article has been updated to include more information on Coinbase’s financial contribution.
Coinbase is facing backlash from crypto users after sponsoring the 250th anniversary celebration of the US Army in Washington, D.C.
In a June 16 X post, Adam Cochran, a partner at venture capital firm Cinneamhain Venture, said he would be exiting his positions at Coinbase — stocks, bonds, and moving crypto assets — following the exchange’s sponsorship of the military parade.
Cochran criticized the company for taking a political stance despite having previously said it would not advocate for certain causes. “[W]hile I don’t agree with being political silent (obviously) I can justify a business choosing to remain politically neutral and cause focused,” said Cochran.
“That’s fair. But sponsoring a military parade, in a divided country, with already split views of crypto isn’t true to this policy; and even if it wasn’t weird and gross, it’s just bad marketing that hurts this industries [sic] adoption.”
The criticism from crypto community members comes amid deepening political tensions in the United States.
The Saturday event was officially promoted as a semiquincentennial celebration for the US Army, receiving public support from US President Donald Trump, who celebrated his 79th birthday on the same day.
The parade took place the same day a Minnesota state lawmaker and her husband were killed in their home, a crime some officials said was politically motivated. The attacker also attempted to kill a sitting state senator and his wife on Saturday.
About five million people reportedly gathered in US cities to protest many of the Trump administration’s policies, including sending military forces into Los Angeles and deporting undocumented immigrants without due process.
“What Coinbase did by sponsoring this army parade feels like an insult to everything our industry stands for,” said X user Captain Nemo in a June 15 post. “Crypto emerged from ideals of decentralization, individual sovereignty, and freedom from oppressive state control—not to funnel resources into institutions whose core purpose involves violence and ending lives.”
Related: Coinbase CEO’s journey from no ‘political causes’ to hiring DOGE staff
The culture of crypto vs. political causes
Online discussions among crypto users focused on what growing ties between companies and governments might mean for the culture of an industry, created after the 2008 financial crisis and seen as pro-libertarian and anti-establishment.
“For those who have never tried crypto and only hear narratives like this, it may come across as something government controlled, making them less likely to ever consider getting involved,” said Redditor GreedVault about the Coinbase sponsorship.
“And while I am not trying to make excuses for Coinbase, I do think Trump’s tendency to retaliate against those who defy him isn’t something to take lightly […]”
Coinbase has made financial contributions to politicians before, contributing $1 million to Trump’s inauguration fund. CEO Brian Armstrong also made visits to Washington, DC, for the president’s March crypto summit and to push lawmakers to vote in favor of a bill to regulate payment stablecoins 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 2026 semiquincentennial celebration for the US.
A source familiar with the matter told Cointelegraph that Coinbase’s financial involvement in the parade came through a one-time contribution to America250, a “nonpartisan initiative” behind a series of events for the US’ semiquincentennial.
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