“Coinbase: US to Stay Crypto-Friendly”, Coinbase CEO Brian Armstrong expressed confidence that the next U.S. administration, regardless of which party prevails in the November election, will take a “constructive” stance on cryptocurrency. Armstrong’s remarks highlight the increasing political influence of the crypto industry as it prepares for the upcoming election, suggesting that regulatory support for digital assets will persist irrespective of the electoral outcome.
The highly volatile crypto sector is often viewed as a risky and fringe industry, facing intense scrutiny from the U.S. Securities and Exchange Commission (SEC). The SEC has accused the industry of violating securities laws, further highlighting the regulatory challenges and legal uncertainties surrounding digital assets.
Support from Wall Street institutions and corporate figures like Elon Musk, coupled with the approval of U.S. exchange-traded crypto funds, has enhanced the crypto sector’s mainstream appeal. Both Republican and Democratic parties have also recently recognized the industry’s increasing influence and significance.
“(Crypto) advocates are making their voices heard as an important voting bloc. Politicians on both sides of the aisle have taken notice, and there is growing momentum to pass comprehensive crypto legislation,” Armstrong told analysts.
The largest U.S. crypto exchange is fighting the SEC in court after the regulator sued Coinbase last year alleging it failed to register as an exchange.
Meanwhile, three major pro-crypto super political action committees – Fairshake, Defend American Jobs and Protect Progress – that did not exist until this election cycle – have raised more than $230 million to support friendly candidates.
That campaign is moving the needle for both parties. Republican presidential candidate Donald Trump vowed to create a “stockpile” of bitcoin last week. Democratic vice president Kamala Harris’s advisers have also reached out to top crypto companies to “reset” relations, the Financial Times reported.
