Coinbase CEO, Brian Armstrong, has made bold predictions regarding the pivotal role of cryptocurrency in the upcoming United States elections in 2024.
In a recent interview with Yahoo Finance, Armstrong emphasized that many officials in Washington, D.C. do not yet grasp the substantial influence wielded by the crypto community’s voting bloc.
Armstrong firmly asserted, “I don’t think everybody in DC actually fully realizes how powerful the crypto voting community block is.
And I think 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?”
Highlighting the growing crypto adoption in the U.S., Armstrong pointed out that approximately 56 million Americans have already engaged with cryptocurrencies, a number five times larger than electric vehicle users.
These crypto enthusiasts represent a formidable voting demographic that is expected to demand answers from candidates about their stance on cryptocurrency-related policies.
Presidential hopefuls have already begun addressing the cryptocurrency issue in their campaigns.
For instance, Florida’s Governor Ron DeSantis has pledged to prohibit central bank digital currencies (CBDCs) if he secures the presidency, citing privacy concerns as a primary reason.
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Similarly, Robert F. Kennedy Jr. has expressed reservations about exploring the concept of a digital dollar. Despite these reservations, both candidates have adopted crypto-friendly campaign strategies.
In terms of the current political landscape, crypto asset manager Grayscale recently reported that Joe Biden and Donald Trump, who are leading in their respective parties’ 2024 presidential polls, have expressed a favorable attitude towards exploring CBDCs.
Coinbase, a prominent cryptocurrency exchange, has actively lobbied in Washington, D.C. for a clear regulatory framework within the crypto space.
Congressional discussions on bipartisan bills aimed at establishing comprehensive rules for crypto firms and users are currently underway.
However, Armstrong also suggested an alternative route, hinting at the possibility of a new chair at the Securities and Exchange Commission (SEC) in 2024.
This reference alludes to a potential replacement for Gary Gensler, who had filed a lawsuit against Coinbase in June, alleging violations of securities laws related to several tokens traded on the platform.
The crypto industry awaits the outcome of these regulatory discussions and the potential impact of the 2024 elections on cryptocurrency policy in the United States.
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