Coinbase CEO Calls 2024 US Election a Major Win for Crypto Community

Coinbase CEO Brian Armstrong has described the just concluded U.S. election as a significant win for the crypto community.

In a post on X, Armstrong celebrated several positive election outcomes, starting with the victory of pro-crypto Republican Bernie Moreno in Ohio, who defeated Senator Sherrod Brown, an outspoken critic of the crypto industry. Armstrong described Brown as “one of the most anti-crypto voices in Congress,” and welcomed Moreno’s win as a step forward for crypto advocacy.

Armstrong also acknowledged Donald Trump’s re-election, noting that the industry now has the “enthusiastic support” of the incoming president, who has voiced openness to digital assets. Trump’s victory, Armstrong suggested, could signal a friendlier federal stance toward crypto, given the former president’s public statements on financial innovation and digital currencies.

Looking ahead to the next Congress, Armstrong predicted it would be “the most pro-crypto Congress ever.” Notably, according to StandWithCrypto, a pro-crypto advocacy group, 261 candidates with favourable stances toward the industry have been elected to the House of Representatives. This shift, Armstrong argued, creates an unprecedented opportunity for the industry to influence legislation and promote a supportive regulatory environment.

He further commended the crypto community’s non-partisan approach during the election, pointing out that while the industry supported candidates from both parties, it remained committed to core values rather than party lines.

Armstrong stressed that the crypto industry’s mission aligns with principles across the new political spectrum, warning that the community would resist any attempts to dismantle the industry or restrict consumer rights.

The CEO also expressed optimism about crypto’s potential role in the upcoming administration. He reaffirmed the industry’s dedication to advocating for sensible regulations, consumer protection, and resilience against emerging challenges.

“I’m incredibly proud of the progress we’ve made as a community. Now, let’s push for practical legislation in the U.S. and focus on building,”

he wrote.

These statements from Armstrong follow recent comments by Coinbase’s Chief Legal Officer, Paul Grewal, who urged the U.S. Securities and Exchange Commission (SEC) to reassess its approach to cryptocurrency regulation. Grewal argued for regulatory frameworks that prioritize innovation over litigation, suggesting that the SEC’s stance may shift under Trump’s leadership, especially given Trump’s campaign pledge to remove SEC Chair Gary Gensler.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.