After several months of campaigning, Donald Trump scored a remarkable return to the White House, winning the just concluded presidential elections. Trump returns to office alongside a Republican Senate majority.
Most crypto enthusiasts have wondered what this win means for the market. Coinbase CEO Brian Armstrong recently shared his thoughts on what this election could mean for the industry. And they were largely positive.
Bitcoin reacted positively to the results. It surged to $75000 hours after Trump’s victory. Notably, the price surge reflects growing anticipation that the new administration could introduce favorable policies. President Trump courted the crypto industry during his campaign, promising a more friendly regulatory environment. Trump’s stance on cryptocurrency has been generally supportive. Furthermore, his suggestion to replace SEC Chair Gary Gensler has fueled hopes of a more crypto-friendly SEC.
BULLISH: Hester Peirce, “Crypto Mom,” seen as a top pick to replace Gensler for a pro-crypto SEC under Trump. pic.twitter.com/gN3O1prViK
— Cointelegraph (@Cointelegraph) November 5, 2024
The US is tired of restrictive policies
The 2024 election, in the eyes of Coinbase CEO Brian Armstrong, marked a huge step forward for the crypto world. Sharing his thoughts on social media, Armstrong celebrated what he described as a “massive win” for the industry. Furthermore, he believes the results could lead to a more open regulatory environment for digital assets.
First on Armstrong’s list of wins was Ohio’s Senate race, where pro-crypto candidate Bernie Moreno unseated long-time crypto critic Senator Sherrod Brown. “Crypto supporting Bernie Moreno was the key factor in his victory over Sherrod Brown,” Armstrong said, calling out the power of crypto advocacy in the race. So, for Armstrong, Moreno’s win was a clear sign that voters are tired of restrictive policies and ready to see crypto grow.
Another big shift came at the top of the ticket, with the presidential election won by a candidate who has shown support for digital assets. Armstrong believes this shift sends a powerful message to lawmakers. “The country fully repudiated the work of Senator Warren and Gary Gensler,” he said, referring to the anti-crypto stance of key Democratic figures. Armstrong didn’t hold back, suggesting that their efforts to curb crypto may have cost their party votes.
The Most Crypto-Focused Congress
According to Armstrong, this election will bring in “the most pro-crypto Congress ever.” Over 250 pro-crypto candidates won seats in the House, thanks in part to a huge push from “StandWithCrypto” voters.
He explained that these voters showed up for candidates who support economic freedom and a more hands-off approach to regulation. Armstrong believes this turnout reflects a wider sentiment: people are looking for less government control and more opportunities for financial freedom.
First time Congress is having a full hearing on cryptocurrencies
Highlights from prepped CEOs testimonies:
– Industry = booming & here to stay
– Not “wild west”, already regulated
– Regulations need updates
– Risk of not innovating
– Crypto = more than #bitcoin (web 3)@CNBC pic.twitter.com/IjPHtb76PY— Kate Rooney (@Kr00ney) December 8, 2021
Furthermore, despite the clear shift, Armstrong hopes crypto’s growing influence remains non-partisan. He wants to see support from both sides of the aisle. He urged politicians to respect the rights of crypto users and not attempt to “unlawfully destroy our industry.”
Looking ahead, Armstrong emphasized the need for sensible legislation. And added that Coinbase is committed to pushing for it. With significant funding for future elections, he’s optimistic about crypto’s place in the U.S. and worldwide. “Crypto is here to stay,” he said, pledging continued efforts to build a secure and innovative future for the industry.
The post Coinbase CEO: Election Result Is a Win for Crypto appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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