Coinbase CEO calls US election 2024 a ‘huge win for crypto’

Coinbase co-founder and CEO Brian Armstrong sees this year’s election as a victory for the crypto community, as America has the “most pro-crypto convention ever” and a president who supports crypto.

In an article published on X, Coinbase CEO Brian Armstrong expressed his thoughts on the recent US elections “through a crypto lens” and his company’s commitment to increasing economic freedom.

He listed several key events from the elections that he sees as a positive sign for the crypto industry moving forward. The first was pro-crypto Republican Senator Bernie Moreno’s victory in Ohio over Sherrod Brown, whom Armstrong considered “one of the most anti-crypto senators.”

He assured the crypto community that the next convention will be “the most pro-crypto convention yet.” At the time of this writing, Stand With Crypto states that 261 pro-crypto candidates have been elected to the House of Representatives.

Armstrong also highlighted Trump’s win, stating that the crypto industry now has the “full support” of the winning presidential candidate.

Trump was very vocal in his support for crypto throughout his presidential campaign. He has vowed to create a national Bitcoin reserve, fire Securities and Exchange Commission chairman Gary Gensler on his first day as chairman, and appoint crypto-friendly regulators.

Armstrong praised the crypto community for taking a non-partisan approach in this election. He noted that both parties have support from the crypto industry, although he acknowledged that support is not 50-50.

“Both parties can support this with their own values. “We will not tolerate politicians trying to illegally destroy our industry or take away the rights of our customers,” Armstrong said in his post.

In a survey conducted by The Digital Chamber ahead of the US election, 16% of voters belonged to the “Crypto Voting Bloc”, a group of Republicans and Democrats who agreed they were more likely to vote for a pro-crypto candidate.

Optimism for a pro-crypto administration

Brian Armstrong attributed the Democratic party’s losses to the fact that much of the anti-crypto sentiment is coming from the Democratic Biden administration, particularly Senators Elizabeth Warren and Gary Gensler, who are trying to “illegally kill our industry.”

However, Senator Warren retained her congressional seat by defeating pro-crypto Republican Senator John Deaton. According to data from Stand With Crypto, Warren has made 83 anti-crypto statements.

Despite Warren’s win, Armstrong said this year’s election sends a message to politicians that being anti-cryptocurrency in the current political climate will have dire consequences on electability. He also said America would pursue a path toward economic freedom, which would foster economic growth through free market innovation.

Finally, Armstrong predicted that cryptocurrency will be a permanent fixture in the next administration, especially in terms of policy. He emphasized that the crypto industry will continue to push for more crypto legislation that will protect consumers and the industry from future attacks.

“I am extremely proud of how far the crypto community has come. Now let’s get some sensible legislation passed in the United States and get back to construction,” Armstrong said.