Coinbase's Brian Armstrong Vows To Support TrumpAccounts Program By Matching $1,000 Contribution For Employees' Kids—He Wants To Do This In Bitcoin

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01/29

Brian Armstrong, CEO of Coinbase Global Inc. (NASDAQ:COIN), said on Wednesday that the company has signed up for the TrumpAccounts initiative, pledging to match the $1,000 contribution for eligible ...

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href=https://www.benzinga.com/crypto/cryptocurrency/26/01/50217551/coinbases-brian-armstrong-vows-to-support-trumpaccounts-program-by-matching-1000-contribution-for-employees-kids-he-wants-to-do-this-in-bitcoin><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Brian Armstrong, CEO of Coinbase Global Inc. (NASDAQ:COIN), said on Wednesday that the company has signed up for the TrumpAccounts initiative, pledging to match the $1,000 contribution for eligible ...</p>\n\n<a 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Coinbase employees,” Armstrong said. \nHe expressed hope that the contribution could be made in Bitcoin (CRYPTO: BTC).\nUnder the TrumpAccounts program, all American babies born between 2025 and 2028 are eligible to receive $1,000 from the government. The funds will be “automatically” invested in U.S-based companies, growing in value over time. \nParents will serve as the sole custodians of these accounts until the child reaches 18, at which point the child can choose to withdraw funds or let the account grow.\nCoinbase matching the federal government’s contribution means that the children of its employees will have a total of $2,000 to begin with. \nWhile the government’s initial $1,000 seed deposit and charitable donations are safe, contributions by parents currently lack a crucial exemption from federal gift tax laws.\nCoinbase recently withdrew its support for the Senate Banking Committee’s cryptocurrency market structure bill, leading to a postponement of the vote on the legislation.\nDespite this, Armstrong refuted claims that the White House is unhappy with Coinbase’s handling of the bill, describing their relationship as “super constructive.”\nPrice Action: Coinbase shares fell 0.29% in after-hours trading after closing 0.66% lower at $209.43 during Wednesday’s regular trading session, according to data from Benzinga Pro.\nThe stock maintains a weaker price trend over the short, medium, and long term with a moderately high Value ranking, according to Benzinga’s Edge Stock Rankings.\nDisclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}