- Brian Armstrong believes cryptocurrency will feature heavily in the upcoming presidential election.
- The Coinbase CEO called pro-crypto voters to unite to support the US crypto industry.
- Both major parties have candidates who support digital assets.
The US cryptocurrency industry has faced no shortage of skepticism and hostility from regulators and lawmakers in recent years. However, with the US presidential elections right around the corner, Coinbase CEO Brian Armstrong sees the opportunity for the crypto community to fight back by stating their case at the ballot box.
Coinbase CEO Sends Message to Capitol Hill
In a recent interview with Yahoo Finance, Armstrong clarified that Coinbase’s role has evolved beyond just a crypto exchange. Armstrong explained that the company is an educational resource and unifying force tasked with bringing the diverse crypto community together so that its voice carries more weight with policymakers and regulators.
“Fifty-six million Americans have used crypto now, five X as many as have electric vehicles, and we’re voters, we want to donate to candidates that are supporting crypto, we want to show up at town halls,” Armstrong underlined.
In a message to Capitol Hill, Armstrong stated that few politicians recognize the power of the crypto voting block. What’s more, the Coinbase CEO boldly predicted that the upcoming election race will be one in which voters unite to get behind pro-innovation candidates.
“2024 is an election where the voters of America are really going to hold candidates’ feet to the fire and say, what is your position on crypto? Are you going to be a continuation of these existing policies that have been unnecessarily hostile? Or are you going to allow this technology to flourish?” Armstrong said.
Although cryptocurrency has become highly politicized, perspectives on digital asset policy span the partisan divide, with both major parties containing the full spectrum of views surrounding it.
Democrat vs. Republican
Several presidential candidates have come out in support of cryptocurrency and blockchain technology. Democrat candidate Robert F. Kennedy Jr. has spoken positively about Bitcoin as a potential tool to counter the negative impact of currency debasement via money printing.
Likewise, Republican candidate Vivek Ramaswamy has echoed RFK Jr.’s sentiment, setting out his pro-Bitcoin manifesto, even taking the somewhat radical policy of implementing it as a “parallel currency” to the dollar if elected.
Armstrong declined to endorse a specific individual publicly when asked which presidential candidate he supports. However, he noted that many hopefuls see an opportunity to challenge the current administration’s adversarial stance on crypto oversight and the subsequent regulatory hostilities that have come about as a consequence.
Pushback to Regulatory Heavy-Handedness
Recent times have seen the US crypto industry hit with a string of enforcement actions at the hands of regulators, spurring a strong response from the industry and its leaders.
In June, following the Securities Exchange Commission (SEC) lawsuit against Coinbase over allegations of operating an unregistered exchange, Armstrong fired back by accusing the regulator of underhand tactics by not providing a “clear rule book.” The CEO held firm, confidently stating that the company was ready to fight the charges in court.
The SEC press release accompanying the lawsuit included comments from the Director of Division of Enforcement, Gurbir S. Grewal, who claimed Coinbase “deliberately refused” to follow securities laws at the expense of depriving investors of the protections they are entitled to.
On the Flipside
- Cryptocurrency remains a niche offering, making it less of a priority among voters.
- Presidential candidates risk narrowing their appeal by aligning themselves with digital assets.
Why This Matters
With crypto poised to be a hot political topic for the 2024 elections, pro-crypto voters will likely unite behind candidates who promise a more balanced, innovation-focused approach and the end of regulatory hostility.
Read more about Brian Armstrong’s calls to remove Gary Gensler as head of the SEC:
Coinbase CEO Calls for Gary Gensler’s Removal as SEC Chair
Discover the latest developments in James Howell’s bid to recover a lost BTC hard drive:
£164M Bitcoin Lost in Landfill Sparks Lawsuit Against Council