Coinbase CEO Calls 2024 Elections a ‘Huge Win for Crypto’ and Path Toward Economic Freedom

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Sujha Sundararajan

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Last updated:

November 7, 2024 00:19 EST

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Brian Armstrong, CEO of Coinbase exchange, has highlighted the election outcomes through the lens of crypto. He called the 2024 US elections “a huge win for crypto.”

In a post on X, Armstrong reflected on the election results, pointing out various factors that led to Trump’s victory. The “key factor in his victory” was the win of pro-crypto Bernie Moreno in Ohio state over crypto-critic Sherrod Brown.

Brown previously cited concerns over crypto’s use in illicit finance. He has constantly argued that it can be exploited to evade sanctions and finance terrorism.

Additionally, President Donald Trump’s “full-throated support” for crypto has amassed the community together to vote for him in this election.

Armstrong also blamed Senator Warren and the SEC head Gary Gensler for “unlawfully” killing the crypto industry.

“They both should take their share of responsibility for the loss of their party (along with Biden and Harris for letting them run amuck),” he wrote.

The elections proved that being anti-crypto “is a good way to end your career,” he added. Further, voters are disaffected by the current financial system and want change.

On the positive side, 257 pro-crypto candidates won the election across both parties. However, highly vocal anti-crypto Senator Elizabeth Warren, D-Mass., held on to her seat for a third term, defeating crypto advocate and attorney John Deaton, with nearly 60% of the votes.

“There were many other factors in this election besides just crypto”: Coinbase CEO

Apart from the crypto point of view, Elon Musk’s big bet on Trump has “probably played the biggest role” in the elections, Armstrong noted.

He stressed that Trump’s win would allow the country to pursue “economic freedom,” which is America’s source of strength.

“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.”

Furthermore, Armstrong said that crypto is here to stay from a policy point of view. He anticipates a sensible legislation to be passed that protects consumers and the industry. “We are going to see this industry be built in America.”