Coinbase’s CEO praises the election results as a decisive victory for crypto and economic freedom.
The 2024 US election marks a shift in favor of crypto and economic freedom. Coinbase’s CEO expresses confidence in upcoming regulatory changes and the potential for industry growth.
With Donald Trump gearing up for a second term in the White House, the 2024 presidential election leads to substantial changes in the outlook for crypto policies.
Crypto advocates, including Coinbase CEO Brian Armstrong, feel optimistic that the changes following Trump’s victory and the Republicans’ Senate control—coupled with a likely House majority—could positively impact the digital assets industry.
The election outcome sparks a rise in Bitcoin’s price, surpassing $75,000 on Nov. 6, as anticipation grows around regulatory clarity, new legislative chances, and changes at the Securities and Exchange Commission.
Trump’s pro-crypto stance, along with the Republican Party’s control of the Senate, suggests that the US might move toward a more favorable regulatory approach, particularly if Trump fulfills his promise to replace SEC Chair Gary Gensler.
The rise of a pro-crypto trend becomes apparent in key races, such as in Ohio, where Republican Bernie Moreno challenges and defeats Senator Sherrod Brown, an outspoken critic of crypto.
According to Armstrong’s Nov. 6 post on X, Moreno’s triumph signals a change in the crypto policy landscape, with “Crypto supporting Bernie Moreno” being a key element in his win against Sherrod Brown.
With more than 250 pro-crypto candidates now in the House, the Coinbase CEO calls it “the most pro-crypto Congress ever.”
In his comments on the election results, Armstrong points out that the electorate’s shift toward economic freedom reflects frustration with over-regulation.
“America is going to follow a path toward economic freedom which is our source of strength, based on limited government, rule of law, meritocracy, fiscal discipline, respecting the free market (not government),” the Coinbase CEO said.
Armstrong’s role as CEO of a centralized crypto exchange brings attention to the possible benefits for CEXs, including reduced regulatory restrictions and increased flexibility in operations.
Reinforcing Armstrong’s message, Coinbase’s chief legal officer, Paul Grewal, urges the SEC on Nov. 6 to “stop suing crypto” and focus on “rulemaking now.”
As part of his promise to unite the country, Trump vows to end the Biden-Harris administration’s “anti-crypto crusade,” making it clear that firing Gensler will be his first act in office.
Since President Joe Biden appointed him, Gensler has led SEC enforcement against Coinbase, Consensys (MetaMask wallet’s developer), Uniswap, and other major players.
Trump’s fulfillment of his promise to fire Gensler on day one could bring an early and abrupt end to the SEC chair’s term, which had been set to last until April 2025.
