Crypto exchange Coinbase is facing backlash for sponsoring U.S. President Donald Trump’s controversial military parade in Washington, D.C. on Saturday, June 14.
Coinbase Sponsorship Sparks Military Controversy
Social media was flooded with videos and images of Coinbase’s sponsorship at the event, which was intended to mark the U.S. Army’s 250th anniversary and coincided with Trump’s 79th birthday.
Longtime Coinbase customer Adam Cochran took to X on Monday to share that he would be selling his positions in the crypto company, calling the organization’s decision to back the event “gross” and “bad marketing” for mainstream digital asset adoption stateside.
“It’s time for me to vote with my wallet and use alternatives that either align with my values or that can actually keep their ‘credibly neutral’ stance, instead of only applying it conveniently,” Cochran wrote.
“If you told me a few years ago Coinbase would be a sponsor to a U.S. military parade I’d think you were insane,” another X user wrote.
America250, the organization behind this past weekend’s event, confirmed the Brian Armstrong-led crypto exchange as one of its high-profile sponsors in a June 9 press release.
Additional sponsors of the parade included military giant Lockheed Martin, defense company Palantir, and shipping organization FedEx.
Protests Erupt Amid Military Parade
Trump largely used his remarks at the event to laud the U.S. military, calling it the “greatest, fiercest, and bravest fighting force” globally.
“Every other country celebrates their victories,” Trump told attendees. “It’s about time America did too.”
However, not everyone was as receptive to Trump’s militaristic grandstanding, with “No King” protests breaking out nationwide in opposition to the opulent parade.
“Today, I stand with the millions of Americans making clear this country doesn’t belong to a king,” Senator Elizabeth Warren (D-MA) said in a June 14 statement. “It’s a democracy, and it belongs to the people.”
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