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 gradually shift toward digital assets.
US As A Crypto Hub?
Armstrong pointed to the election of figures friendly to the digital currency industry, such as Donald Trump, now the 47th President of the United States, 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 are going to see this industry be built in America.” Armstrong added:
This next congress will be the most pro-crypto congress ever. StandWithCrypto voters showed up in force to help elect pro-crypto candidates in almost every district on both sides of the aisle. (257 pro-crypto candidates elected in the House).
Armstrong also noted the impact of political action committees (PACs) like Fairshake, which have played a prominent role in supporting candidates to the digital currency industry.
The pro-crypto PAC has raised $78 million in preparation for the 2026 US midterms, with backing from prominent entities such as Coinbase and venture firm a16z. Armstrong views these political shifts as crucial to promoting a favorable environment for digital currency innovation and growth within the United States.
There Is A Catch
While the election results signaled a win for digital currency advocates, the political landscape remains complex. Among the key outcomes was the re-election of Sen. Elizabeth Warren, a prominent digital currency critic, who secured a third 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 within 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 strong counterweight to the growing pro-digital currency sentiment.
Armstrong acknowledged these challenges but maintained a positive outlook for the future of digital currency regulation. His statements emphasized the need for continued efforts to achieve “sensible legislation” that balances industry growth with consumer protection.
He remarked, “Crypto is here to stay from a policy POV, and we’re going to keep showing up until we see sensible legislation 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 truly principled, non-partisan approach, and my hope is that after this election we no longer see the imbalance. Crypto should be supported by both sides, as should any important new technology or industry that is driving American prosperity.
Featured image created with DALL-E, Chart from TradingView
