Coinbase’s CEO Calls For 'Sensible Crypto Legislation' in US

As US Elections 2024 marked a majority support for Republicans, Coinbase CEO Brian Armstrong offered a strong perspective on the election results, and a call for “sensible crypto legislation” in the US. He also interpreted the outcomes as a major victory for the cryptocurrency industry and asked for support for crypto innovations from both sides of the aisle.

In a recent op-ed, Brian Armstrong outlined five key points, emphasizing that crypto emerged as a critical issue in numerous races and was instrumental in the success of pro-crypto candidates.

Armstrong highlighted the win of Bernie Moreno, a crypto supporter, over “anti-crypto” Sherrod Brown in Ohio, Armstrong commented that Brown’s anti-crypto stance may have cost him the election. Furthermore, the winning presidential candidate [Donald Trump] expressed clear support for crypto, marking a shift in federal attitudes towards the industry.

Armstrong also commented on a shift in Congress, which he predicts will be the “most pro-crypto congress ever,” with 257 pro-crypto candidates now in the House, many elected due to strong grassroots backing from ‘StandWithCrypto’ advocates.

Armstrong further stated, “I received many angry phone calls from people on the left who were upset that the industry’s efforts were not perfectly 50/50 or even in favor of the Democrats. What they refused to acknowledge was that more Republicans voted for the FIT21 bill in the House (by about a 3 to 1 margin), and the lawfare/attacks against crypto were coming from the D administration.”

Armstrong stated, “DC received a clear message that being anti-crypto is a good way to end your career, as it doesn’t represent the will of the voters, who are disaffected by the current financial system and want change.”

He sharply criticized the actions of Senator Elizabeth Warren and SEC Chair Gary Gensler, both of whom, he claims, have been actively working to “kill” the crypto sector. According to Armstrong, their attempts to regulate or sideline crypto have backfired, weakening their political standing.

Armstrong emphasized that this election conveyed a broader message of support for economic freedom and limited government, and expressed confidence that the crypto industry, with robust support from both Coinbase and venture capital firm A16Z, would be prepared for the next electoral cycle. He noted that the advocacy group StandWithCrypto has ambitious goals to grow its base to 4 million by the 2026 midterms, and he voiced optimism that the U.S. and other G20 nations would soon include clearer regulations that encourage the development of the crypto industry.

Armstrong concluded by expressing pride in the crypto community and said he was hopeful about securing “sensible legislation” that would safeguard both consumers and the industry from future regulatory threats.