Nikolas Sargeant
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
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."
