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

Co-founder and CEO at Coinbase, Brian Armstrong views this year’s election as a victory for the crypto community, as America is set to have ‘the most pro-crypto congress ever’ and a president that supports crypto.

In an article posted on X, Coinbase CEO Brian Armstrong expressed his thoughts on the recent US election “through a crypto lens” as well as his company’s commitment to boost economic freedom.

He listed a few highlights from the election that he sees as a positive sign for the crypto industry moving forward. The first one being the pro-crypto Republican Senator Bernie Moreno’s win in Ohio against Sherrod Brown, who Armstrong considered to be “one of the most anti-crypto senators out there.”

He assured the crypto community that the next congress will be “the most pro-crypto congress ever.” At the time of writing, Stand With Crypto notes a whopping 261 pro-crypto candidates have been elected into the House of Representatives.

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

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

Armstrong praised the crypto community for taking a non-partisan approach in this election. He mentioned that both sides have received support from the crypto industry, though he acknowledged that the support was not 50-50.

“Each side can support it with their own values. What we won’t tolerate are politicians trying to unlawfully destroy our industry, or take the rights of our customers away,” said Armstrong in his post.

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

Optimism for a pro-crypto administration

Brian Armstrong attributed to Democratic party’s losses to the fact that most of the anti-crypto sentiments came from the Democratic Biden administration, specifically Senator Elizabeth Warren and Gary Gensler who have tried to “unlawfully kill our industry.”

However, Senator Warren retained her seat in the congress, defeating pro-crypto Republican Senator John Deaton. Warren has made 83 anti-crypto statements, according to data from Stand With Crypto.

Despite Warren’s win, Armstrong stated that this year’s election has sent a message to politicians that being anti-crypto in the current political climate has dire consequences on electability. He also said that America will follow a path towards economic freedom which in turn will bolster economic growth through innovations in the free market.

Finally, Armstrong predicted that crypto will be a permanent fixture in the next administration, especially from a policy standpoint. He emphasized that the crypto industry will keep pushing for more crypto legislations that will protect consumers and the industry from future attacks.

“I’m super proud of how far the crypto community has come. Now let’s get some sensible legislation passed in the U.S., and get back to building,” said Armstrong.