Coinbase CEO, Brian Armstrong, is predicting that the crypto voting community will have a significant impact on the upcoming United States elections in 2024. Armstrong believes that many representatives in Washington, D.C. are unaware of the voting power held by the crypto community and that voters will prioritize candidates’ positions on cryptocurrencies.
Armstrong highlighted that approximately 56 million people in the U.S. have already utilized cryptocurrencies, surpassing the number of electric vehicle users. He emphasized that this large and growing demographic constitutes a valuable voting block. As a result, Armstrong expects the gap between existing crypto policies and the needs of American citizens to make cryptocurrencies a prominent topic during the 2024 elections.
Presidential candidates have begun addressing cryptocurrency in their campaigns. For example, Florida Governor Ron DeSantis has pledged to ban central bank digital currencies (CBDCs) if elected president. Similarly, Robert F. Kennedy Jr. has expressed opposition towards exploring the concept of a digital dollar, citing privacy concerns. Despite their reservations, both candidates have adopted a crypto-friendly campaign strategy.
A recent report by crypto asset manager Grayscale suggests that the White House is likely to have a supporter of CBDCs in the next term. According to the report, leading 2024 presidential candidates from their respective parties, Joe Biden and Donald Trump, are both favorable towards exploring CBDCs.
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Coinbase has been actively lobbying for a clear regulatory framework for the crypto space in Washington, D.C. The company seeks to establish guidelines that would benefit both crypto firms and users across the country. Congress is currently discussing bipartisan bills that aim to set these rules in place. However, Armstrong noted that legislative measures are not the sole solution and mentioned the possibility of a new chair at the Securities and Exchange Commission (SEC) in 2024.
Armstrong suggested that the appointment of a new SEC chair could have significant implications for the crypto industry. This comment may refer to a potential replacement for Gary Gensler, the current SEC chair. Coinbase itself faced legal action from the SEC in June when the regulatory body sued the exchange for allegedly violating securities laws by trading certain tokens.
In summary, Armstrong believes that the crypto voting community will exert its influence during the 2024 elections in the United States. With over 56 million Americans already using cryptocurrencies, he expects voters to prioritize candidates’ positions on crypto-related matters. Additionally, presidential candidates, such as Ron DeSantis and Robert F. Kennedy Jr., have expressed their views on cryptocurrencies and CBDCs. Coinbase has been actively lobbying in Washington, D.C., seeking a clear regulatory framework, and Armstrong also highlighted the potential impact of a new SEC chair in 2024.
