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Coinbase CEO calls US election 2024 a โ€˜huge win for cryptoโ€™

coinbase-ceo-calls-us-election-2024-a-huge-win-for-crypto
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Coinbase CEO calls US election 2024 a โ€˜huge win for cryptoโ€™

Co-founder and CEO at Coinbase, Brian Armstrong views this yearโ€™s election as a victory for the crypto community, as America is set to have โ€˜the most pro-crypto congress everโ€™ and a president that supports crypto.

In an article posted on X, Coinbase CEO Brian Armstrong expressed his thoughts on the recent US election โ€œthrough a crypto lensโ€ as well as his companyโ€™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 Morenoโ€™s win in Ohio against Sherrod Brown, who Armstrong considered to be โ€œone of the most anti-crypto senators out there.โ€

He assured the crypto community that the next congress will be โ€œthe most pro-crypto congress ever.โ€ 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 Trumpโ€™s win, stating that the crypto industry now has the โ€œfull-throatedโ€ 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.

โ€œEach side can support it with their own values. What we wonโ€™t tolerate are politicians trying to unlawfully destroy our industry, or take the rights of our customers away,โ€ said Armstrong in his post.

In a survey conducted by The Digital Chamber prior to the US election, 16% of voters belonged in the โ€œCrypto Voting Bloc,โ€ 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 partyโ€™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 โ€œunlawfully kill our industry.โ€

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 Warrenโ€™s win, Armstrong stated that this yearโ€™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.

โ€œIโ€™m super proud of how far the crypto community has come. Now letโ€™s get some sensible legislation passed in the U.S., and get back to building,โ€ said Armstrong.