Brian Armstrong, CEO of Coinbase, shared his thoughts on the 2024 US elections, calling the results “a huge win for crypto.” Armstrong highlighted key aspects of the election outcome, focusing on the role that pro-crypto candidates played in supporting President Trump’s victory.
In a post on X, Armstrong attributed Trump’s win to the support of crypto-friendly figures, notably Bernie Moreno, who defeated crypto critic Sherrod Brown in Ohio. Brown had previously voiced concerns over cryptocurrency’s potential misuse in illicit finance and sanction evasion, casting a skeptical view on digital assets. Conversely, Trump’s outspoken support for cryptocurrency earned him significant favor within the crypto community, rallying their vote.
Armstrong also criticized Senator Elizabeth Warren and SEC Chair Gary Gensler, holding them responsible for what he described as the “unlawful suppression” of 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 stated. The results, he continued, indicate that anti-crypto stances may no longer resonate with voters, who are eager for financial reform.
While 257 pro-crypto candidates won across both parties, anti-crypto Senator Elizabeth Warren retained her Massachusetts seat, defeating crypto advocate John Deaton with nearly 60% of the vote.
Elon Musk’s Influence and the Push for Economic Freedom
Armstrong acknowledged factors beyond crypto that influenced the election, particularly Elon Musk’s strong endorsement of Trump. Armstrong emphasized that Trump’s win could advance “economic freedom,” which he regards as fundamental to America’s strength. “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,” he stated.
Armstrong also pointed to a promising policy landscape for crypto, anticipating sensible legislation that will both protect consumers and foster industry growth. “Crypto is here to stay from a policy perspective, and we are going to see this industry be built in America,” he concluded.
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