Coinbase CEO Brian Armstrong has declared the 2024 U.S. election a significant victory for the cryptocurrency industry, with 257 pro-crypto candidates securing positions in the U.S. House of Representatives. Armstrong emphasized that this shift signals the most pro-crypto Congress in history and marks a substantial step forward for the industry’s regulatory prospects.
Bipartisan Support for Crypto
Armstrong highlighted the bipartisan nature of the support for crypto, noting that pro-crypto candidates won across party lines. He framed this political development as a clear signal that the country is moving toward greater economic freedom and technological innovation, with both parties recognizing the potential of digital assets.
In his comments on X, Armstrong attributed the industry’s recent progress to this newfound political backing. He also criticized previous attempts to regulate and restrict the crypto industry, particularly from figures like Senator Elizabeth Warren and SEC Chair Gary Gensler, who he claimed tried to undermine the sector. Armstrong stated, “The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry.”
Strategic Advantage and Long-Term Goals
Armstrong pointed out that the crypto industry’s appeal to both Republicans and Democrats was a strategic advantage during the election. Coinbase and its advocacy groups, such as StandWithCrypto, focused on electing candidates who support technological progress and the broader vision of economic freedom. Armstrong believes that this bipartisan coalition will provide the necessary foundation for advancing crypto-friendly legislation in the future.
Fairshake Fund and Future Advocacy
Looking ahead, Armstrong discussed the role of Fairshake, a pro-crypto political action committee (PAC) funded in part by Coinbase. Fairshake has already raised $78 million for the 2026 election cycle and Armstrong committed an additional $25 million to ensure continued advocacy for the crypto industry. He underscored that the industry’s efforts will not slow down post-election, as the push for a stable regulatory environment for digital assets continues.
Furthermore, Armstrong revealed that StandWithCrypto aims to expand its membership to 4 million by 2026, increasing the influence of pro-crypto voices in future elections. The collective efforts of Coinbase and its allies highlight the long-term strategy to establish a supportive and clear regulatory framework for the crypto sector.
Commitment to Fair Access
In addition to his political commentary, Armstrong addressed concerns regarding Coinbase’s listing practices. He clarified that the exchange does not charge projects a premium fee for listing on its platform, ensuring that emerging projects have fair access. He also suggested that decentralized exchanges (DEXs) could serve as alternatives for those facing hurdles in centralized platforms, underscoring his commitment to a more open and accessible crypto market.
With a newly elected Congress poised to support crypto, Armstrong’s comments highlight a turning point for the industry, suggesting that the future may hold more favorable regulatory conditions for digital assets.
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