Emily Walker
The results of the November 5 US elections are reshaping the political landscape, particularly impacting the cryptocurrency sector significantly.
Following the elections, Coinbase’s CEO Brian Armstrong shared his positive outlook, noting a slow but steady rise in support for digital assets.
Can the US Become a Crypto Leader?
Armstrong highlighted the election of pro-crypto leaders, including Donald Trump as the new President and Republican Bernie Moreno in Ohio, as indicators of a shift in favor of the cryptocurrency realm.
Moreno’s victory over Democrat Sen. Sherrod Brown, who has been critical of cryptocurrencies and pushed for tighter regulations due to terrorism financing concerns, is seen as a significant win for the crypto community.
In his comments on X, Elon Musk’s platform, Armstrong stated: “The industry will thrive in America.” He further noted:
This congress will support crypto like never before. The StandWithCrypto initiative showed significant voter turnout for pro-crypto candidates across both parties (with 257 elected to the House).
He mentioned the influence of political action committees (PACs) like Fairshake, which have been instrumental in endorsing pro-crypto candidates.
Fairshake has amassed $78 million for the upcoming 2026 midterms, with support from key players like Coinbase and venture capital firm a16z. Armstrong believes these political changes are vital for fostering a supportive environment for cryptocurrency innovation in the US.
Challenges Ahead
Despite the favorable election outcomes for cryptocurrency advocates, the political situation is still complicated. A notable result is the re-election of Sen. Elizabeth Warren, a well-known opponent of digital currencies, who secured a third term with almost 60% support.
Warren’s win against Republican John Deaton, a pro-crypto supporter, highlights that resistance to digital assets continues to exist in Washington.
Warren has consistently been vocal about her reservations regarding the risks associated with digital currencies, including fraud and consumer safety concerns, positioning her as a significant counterweight to the pro-crypto momentum.
Armstrong recognized these obstacles but remained optimistic regarding future crypto regulations. He emphasized the need for efforts directed towards achieving “sensible legislation” that strikes a balance between industry development and consumer safety.
He stated, “From a policy standpoint, crypto is here to stay, and we will keep advocating until we see legislation that safeguards both consumers and the industry from further challenges.”
— Brian Armstrong (@brian_armstrong) November 6, 2024
Additionally, Armstrong commented:
I am proud that the crypto community approached this election in a principled, non-partisan manner. It is my hope that we will no longer see an imbalance; support for crypto should come from both sides, akin to any significant new technology that contributes to American prosperity.
Image generated with DALL-E; Chart sourced from TradingView.