July 11, 2024
Coinbase CEO Brian Armstrong Foresees Crypto Community's Impact on 2024 US Elections
Latest Cryptocurrency News

Coinbase CEO Brian Armstrong Foresees Crypto Community’s Impact on 2024 US Elections

Brian Armstrong, the CEO of Coinbase, has predicted the role that cryptocurrencies will play in the forthcoming US elections, arguing that Washington officials are still unaware of the influence that the crypto community will have on the outcome of the contest.

“I don’t think everybody in D.C. fully realizes how powerful the crypto voting community block is. And I think 2024 is an election where the voters of America are going to hold candidates’ feet to the fire and say, What is your position on crypto?” Armstrong commented during a recent interview with Yahoo Finance.

Armstrong estimates that 56 million Americans have already used bitcoins. “As an illustration, there are five times as many as there are electric cars. And we cast our votes,” he added. In 2024, he predicts that cryptocurrencies will be a prominent topic due to the disconnect between present crypto policies and American requirements.

Contenders for president are actively discussing cryptocurrencies. If elected president, Florida Governor Ron DeSantis has threatened to outlaw central bank digital currencies. Additionally opposed to researching the idea of a digital dollar Robert F. Kennedy Jr. Kennedy Jr. and DeSantis both cited privacy issues as justifications for their stances. However, the candidates have chosen a crypto-friendly marketing approach.

A CBDC enthusiast most likely resides in the White House, according to a recent analysis by cryptocurrency asset manager Grayscale. Joe Biden and Donald Trump, who are leading their respective parties’ presidential primary polls for 2024, are “favourable toward exploring CBDC,” according to the report.

Coinbase has been promoting an explicit regulatory structure for the cryptocurrency industry in Washington. Bipartisan legislation is already being discussed in Congress and could eventually establish regulations for crypto companies and users nationwide. However, Armstrong noted that there are other options available for crypto companies, citing the potential for a new chair at the Securities and Exchange Commission in 2024.

He added, “I also think there’s a possibility we’ll just get a different chair in 2024 or beyond,” about Gary Gensler’s potential replacement. The SEC filed a lawsuit against Coinbase in June, accusing it of violating securities laws and asserting that many of the tokens exchanged on the exchange were securities.

Image: Wikimedia Commons

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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