Coinbase CEO Sees 2024 Election as a ‘Huge Win for Crypto’

Coinbase CEO Brian Armstrong is enthusiastic about the 2024 election results, calling them a ‘huge win for crypto.’ 

Armstrong noted that pro-crypto candidates like Ohio’s Bernie Moreno helped Trump secure a victory. Moreno, who defeated crypto-skeptic Sherrod Brown, has openly endorsed the use of cryptocurrency.

Armstrong’s optimism isn’t just about better regulation, it’s about the greater economic freedom. But what does this mean for crypto investors? Let’s break it down. 

Stablecoins: $USDT Could Go Mainstream

Armstrong’s statements suggest the new administration could ease up on restrictive policies seen in recent years. 

This next congress will be the most pro-crypto congress ever. StandWithCrypto voters showed up in force to help elect pro-crypto candidates in almost every district on both sides of the aisle. (257 pro-crypto candidates elected in the House).

– Brian Armstrong

For instance, the US Securities and Exchange Commission (SEC) has previously targeted companies that issue or support stablecoins, demanding strict backing, transparency, and limits on trading pairs. 

Reducing such regulatory barriers would allow currencies like Tether ($USDT) – a stablecoin tied to the US dollar – to achieve wider adoption, both retail and institutional. 

Removing legal hurdles could make stablecoins more accessible, bridging the gap between traditional banking and digital finance for regular consumers. 

Policy and Economic Freedom

In Armstrong’s view, Trump’s win may also mean a greater push for ‘economic freedom’ in the crypto space. 

America is going to follow a path toward ECONOMIC FREEDOM which is our source of strength, based on limited government, rule of law, meritocracy, fiscal discipline, respecting the free market (not government) as the source of economic growth.

– Brian Armstrong

This could include eliminating restrictive policies that currently limit how people can trade crypto and develop new digital financial tools in the US. 

One example of such regulations is the SEC’s broad definition that labels different tokens as securities, which holds back innovation by placing strict compliance demands on developers and companies. 

While the Coinbase CEO doesn’t advocate for eliminating the SEC definitions completely, he emphasizes the need for balanced regulations. 

Armstrong believes that loosening these policies could unleash new opportunities for Americans to engage in the growing digital economy, potentially creating new jobs and improving financial independence. 

$BTC as a National Reserve Asset? 

Senator Elizabeth Warren’s idea of recognizing Bitcoin ($BTC) as a national reserve asset or ‘digital gold’ – a term used for safe-haven assets – is in line with Armstrong’s advocacy for economic freedom. 

The idea of adopting $BTC as legal tender has gained international popularity, with El Salvador being the first to implement it and the Central African Republic being the second. Now, Trump’s administration may also see $BTC’s role as a stable, reserve-like asset. 

While Armstrong hasn’t specifically advocated for this perspective, this move could bring $BTC a step closer to being recognized as an official currency, much like US dollar. 

Not only would this give $BTC significant legitimacy, but it would also encourage broader adoption across other sectors, including retail, travel, real estate, online gaming, and financial services.  

Crypto’s Future in the US

The election of 257 pro-crypto candidates to the House of Representatives, spanning both parties and nearly every district, signals a significant shift towards a crypto-friendly Congress, paving the way for major growth in the industry. 

Brian Armstrong expects clearer rules that will support consumer protection while also promoting crypto industry stability. 

With a less restrictive environment, we could see digital currencies become as integrated in finance as credit cards, potentially positioning the US as a leader in the global crypto economy. 

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