Crypto Takes Center Stage: Coinbase CEO Foresees its Impact in 2024 US Elections
Summary:
Coinbase CEO Brian Armstrong predicts that cryptocurrencies will be a prominent topic in the 2024 US elections, emphasizing the voting power of the crypto community. Candidates are expressing their views on crypto, with some opposing central bank digital currencies. Armstrong believes that the regulatory landscape for crypto firms may change with a new chair at the SEC. Coinbase is actively lobbying for clear regulations and is currently facing a lawsuit from the SEC.
Coinbase CEO Brian Armstrong has expressed his thoughts on the influence of the crypto community in the upcoming US elections, suggesting that politicians in Washington, D.C. may underestimate their voting power. Armstrong believes that in the 2024 election, American voters will demand to know the candidates' stance on crypto. He highlights that approximately 56 million Americans have already embraced cryptocurrencies, which outnumber those using electric vehicles. Armstrong predicts that the disparity between existing crypto policies and the needs of the American people will place cryptocurrencies at the forefront of political discourse in 2024. Several presidential candidates have already expressed their views on crypto, with Florida Governor Ron DeSantis promising to ban central bank digital currencies and Robert F. Kennedy Jr. opposing the idea of a digital dollar due to privacy concerns. However, these candidates have also adopted a crypto-friendly campaign strategy. A report from Grayscale suggests that the future President of the United States is likely to support the introduction of a central bank digital currency. Leading candidates for the 2024 presidential election, Joe Biden and Donald Trump, have shown favorability towards exploring CBDCs. Coinbase has been actively lobbying in Washington, D.C., urging for a clear regulatory framework in the crypto industry. The US Congress is currently discussing bipartisan bills that could establish rules for crypto firms and users across the country. However, Armstrong suggests that change may also come from a potential new chair at the Securities and Exchange Commission (SEC) in 2024, as he speculates about a replacement for Gary Gensler. Coinbase is currently entangled in a lawsuit with the SEC, accused of violating security laws by offering tokens that qualify as securities.
Published At
9/10/2023 4:46:59 PM
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