Coinbase CEO Brian Armstrong believes the 2024 US election was an important step toward legal certainty and economic independence for the cryptocurrency industry. With Donald Trump returning to the White House and Republicans regaining control of the Senate, Armstrong and other crypto enthusiasts anticipate a positive shift in regulatory mood toward digital assets.
Following the election, Bitcoin’s price soared beyond $75,000 on November 6, fueled by investor anticipation about regulatory changes and legislative support from the incoming administration. Armstrong expressed confidence that the current political landscape will benefit the crypto industry, especially since Trump has promised to replace SEC Chair Gary Gensler, whose administration has been at odds with major crypto firms.
The election results also showed an increase in pro-crypto representation in Congress, with more than 250 candidates elected to the House who favor digital asset policies. In Ohio, Republican Bernie Moreno defeated incumbent Senator Sherrod Brown, a vocal cryptocurrency skeptic. Armstrong hailed Moreno’s victory as a watershed moment for the sector, supporting cryptocurrency-friendly legislation in Congress.
Coinbase’s advocacy activities were critical to these outcomes. The corporation supported numerous pro-crypto candidates through its Fairshake political action committee in order to establish a more favorable regulatory climate. Armstrong’s growing involvement in politics represents a shift in the cryptocurrency industry, as leaders advocate for policies that promote growth and innovation.
Armstrong’s net worth increased by $2 billion as Coinbase’s shares rose 31% following the election, demonstrating the market’s confidence in the industry’s future. “Being anti-crypto is simply bad politics,” Armstrong said, highlighting the growing support for a more cooperative regulatory approach.
As cryptocurrency’s influence in Washington grows, Armstrong continues to advocate for economic freedom, asking lawmakers to take a pro-innovation approach. This election is a watershed moment for the industry, paving the way for Coinbase and other startups to work with a government that is becoming more open to the possibilities of digital assets.
