In a post-election statement, Coinbase CEO Brian Armstrong celebrated the results of the 2024 US election as a major victory for the crypto industry. Calling it the “most pro-crypto congress ever,” Armstrong expressed optimism about the direction of crypto legislation and regulation under a newly elected, crypto-friendly government.
Among the election highlights, Armstrong pointed to the win of pro-crypto Republican Senator Bernie Moreno in Ohio, who defeated Sherrod Brown, a senator Armstrong described as “one of the most anti-crypto senators out there.” With 261 pro-crypto candidates elected into the House of Representatives, the Coinbase CEO sees a strong foundation for advancing crypto-friendly policies.
A key factor in Armstrong’s optimism is Donald Trump’s victory in the presidential race. Throughout his campaign, Trump voiced support for crypto, pledging to establish a national Bitcoin reserve, dismiss SEC Chair Gary Gensler, and appoint crypto-friendly regulators. Armstrong remarked that the industry now has “full-throated” support from the president, with Trump vowing to make the US a leading crypto hub.
A Bipartisan Approach to Crypto:
Armstrong praised the crypto community’s non-partisan approach to this election, noting that both parties received support from the industry, though not equally. He emphasized that the crypto community is united in its stance against politicians who seek to undermine the industry.
The election’s results have Armstrong optimistic about pro-crypto policies, especially given that 16% of voters identified as part of a “Crypto Voting Bloc,” a group of Republicans and Democrats who said they would prioritize voting for pro-crypto candidates.
Armstrong attributed Democratic losses to the Biden administration’s anti-crypto stance, specifically naming Senator Elizabeth Warren and SEC Chair Gary Gensler, who have been vocal critics of the industry. Although Warren retained her seat by defeating pro-crypto candidate John Deaton, Armstrong views the overall results as a signal to anti-crypto politicians about the political costs of opposing the industry.
Outlook for Crypto Policy:
Looking ahead, Armstrong foresees that the pro-crypto sentiment will translate into legislative support for consumer protections and growth within the industry. He stressed the importance of passing “sensible legislation” to support innovation and economic growth through crypto-friendly policies.
“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,” Armstrong concluded, expressing hope for a regulatory environment that will allow crypto to thrive.
