By Brian Armstrong , CEO of Coinbase
Compiled by: Felix, PANews
The 2024 US election has come to an end, and Trump defeated the current Vice President Harris and won a new four-year presidential term. In response, Coinbase founder and CEO Brian Armstrong wrote an article, thinking about the US election from the perspective of cryptocurrency. The following is the full text.
I wanted to share some (very political) thoughts on the election from the perspective of cryptocurrency and Coinbase’s mission to increase economic freedom.
Regardless, this election was a huge win for crypto.
1. Bernie Moreno, who supports cryptocurrency, was key to Trump's victory in Ohio by defeating Sherrod Brown, one of the most anti-cryptocurrency senators.
2. Cryptocurrency has the full support of the winning presidential candidate.
3. The country completely denies that Senators Warren and Gary Gensler have illegally tried to stifle the crypto industry for years. They should both take responsibility for their party's failure (Biden and Harris should also take responsibility).
4. The next Congress will be the most pro-crypto Congress ever. StandWithCrypto voters showed up in large numbers to help elect pro-crypto candidates in nearly every district. (The House of Representatives elected 257 pro-crypto candidates)
5. Washington, D.C. received a clear message that opposing cryptocurrency is a good way to end a career because it goes against the will of voters who are unhappy with the current financial system and want change.
There were many other factors in this election besides crypto, of course, and Musk probably played the biggest role (the Twitter/X acquisition was the turning point). There were many other factors, too numerous to mention here.
But I think the most important message that American citizens sent to their government in this election is that we will not build ever-larger and more powerful government, nor will we promote excessive regulation, lawsuits, massive money printing, and attempt to buy voters with free benefits while driving up deficits. America will follow the path of economic freedom, which is the source of our strength, based on limited government, the rule of law, meritocracy, fiscal discipline, respect for free markets (not government) as the source of economic growth, and respect for science, technology, and builders as the source of civilizational progress.
This shouldn't be a partisan fight. Both parties have excellent pro-business, pro-tech supporters, and the crypto industry supports them. But that doesn't mean it should be 50-50, because they are not equally split in this election. I've received many angry calls from people on the left who are upset that our industry is not supporting the Democrats. What they refuse to acknowledge is that more Republicans voted for FIT21 in the House (about 3 to 1) and the legal battles/attacks against crypto are coming from the Trump administration. A truly nonpartisan PAC focuses only on where candidates stand on crypto and economic freedom, not which party they belong to. If they are stuck in a partisan mindset, they simply can't understand why it's not 50-50 or supporting the party they prefer (or don't want to because it's not in their interest).
Regardless, I'm proud of the crypto community for taking a truly principled, nonpartisan approach. Hopefully after this election, we won't see this imbalance again. Cryptocurrency should be supported by both parties, as should any important new technology or industry that drives American prosperity. Each side can support it with their own values. What we won't tolerate is politicians trying to illegally undermine our industry or take away the rights of our customers.
Finally, from a policy perspective, cryptocurrencies are here to stay and we will continue to work until we see reasonable legislation passed to protect consumers and the industry from attack. We will see the crypto industry rebuild in the United States. Coinbase and A16Z have provided additional funding to Fairshake, which has now raised approximately $78 million for the 2026 midterm elections. StandWithCrypto currently has 1.9 million supporters and has set a future goal of reaching 4 million supporters by the 2026 midterm elections. They will also continue to work hard internationally, as we need to see similar rules in the G20 and other countries. Only through widespread global adoption can cryptocurrencies update the global financial system and increase economic freedom.
I'm proud of the progress the crypto community has made. Now let's pass some sensible legislation in the US and keep building.
Related reading: The United States welcomes its first crypto president! A look back at crypto moments on the road to the election
