The recent US elections on November 5 have reshaped the political space and appear to have significant implications for the cryptocurrency industry.
Coinbase CEO Brian Armstrong expressed optimism in a post-election “reflection”, emphasizing that the political winds progressively shift toward digital assets.
US As A Crypto Hub?
Armstrong pointed to the election of figures friendly to the digital currency industry, similar to Donald Trump, now the forty seventh President of america, and Republican Sen. Bernie Moreno in Ohio, as key markers of change.
Moreno, who defeated Democrat Sen. Sherrod Brown—a known critic of cryptocurrency—represents a pivotal gain for the crypto industry. Brown previously called for stricter digital currency regulations linked to concerns about terrorism financing.
Armstrong articulated his views on Elon Musk’s social media platform X, stating, “We’re going to see this industry be inbuilt America.” Armstrong added:
This next congress can be essentially the most pro-crypto congress ever. StandWithCrypto voters showed up in force to assist elect pro-crypto candidates in almost every district on either side of the aisle. (257 pro-crypto candidates elected within the House).
Armstrong also noted the impact of political motion committees (PACs) like Fairshake, which have played a outstanding role in supporting candidates to the digital currency industry.
The professional-crypto PAC has raised $78 million in preparation for the 2026 US midterms, with backing from outstanding entities similar to Coinbase and enterprise firm a16z. Armstrong views these political shifts as crucial to promoting a good environment for digital currency innovation and growth inside america.
There Is A Catch
While the election results signaled a win for digital currency advocates, the political landscape stays complex. Amongst the important thing outcomes was the re-election of Sen. Elizabeth Warren, a outstanding digital currency critic, who secured a 3rd term with nearly 60% of the vote.
Warren’s victory over Republican challenger and digital currency advocate John Deaton serves as a reminder that opposition to digital assets persists inside Washington.
Warren has been vocal about her concerns regarding the risks of digital currencies, including potential fraud and consumer protection issues, positioning her as a robust counterweight to the growing pro-digital currency sentiment.
Armstrong acknowledged these challenges but maintained a positive outlook for the long run of digital currency regulation. His statements emphasized the necessity for continued efforts to realize “sensible laws” that balances industry growth with consumer protection.
He remarked, “Crypto is here to remain from a policy POV, and we’re going to maintain showing up until we see sensible laws passed which protects consumers and the industry from future attacks.”
— Brian Armstrong (@brian_armstrong) November 6, 2024
The Coinbase CEO also noted:
In any event, I’m proud that the crypto community took a very principled, non-partisan approach, and my hope is that after this election we now not see the imbalance. Crypto must be supported by either side, as should any essential recent technology or industry that’s driving American prosperity.
Featured image created with DALL-E, Chart from TradingView