Brian Armstrong calls U.S. election results a win for crypto, highlighting growing political support and a shift toward economic freedom.
In a recent post on X, Coinbase CEO Brian Armstrong called the U.S. election results a major victory for the cryptocurrency industry. Armstrong highlighted that the election marks a shift toward political support for digital assets. This, he argued, aligns with crypto’s broader goals of economic freedom and limiting government intervention.
Armstrong highlighted some of the key developments. First, he highlighted the win of pro-crypto candidate Bernie Moreno in Ohio, who bested Senator Sherrod Brown, an anti-crypto advocate. As Armstrong pointed out, this victory is evidence of shifting political outlooks. He also spoke warmly about the chosen presidential candidate’s complete support for the crypto industry. He compared it with years of hostility from Elizabeth Warren and Gary Gensler. Armstrong said their aggressive approach to crypto issues hurt their party by causing massive losses.
Second, Armstrong focused on the demographics of the newly formed Congress. However, he is convinced that Congress will be the most crypto-friendly in history because 257 candidates advocating for cryptocurrencies have been elected to the House. The election results further proved that attacks against crypto are politically dangerous. Armstrong said that voters, especially those who are part of the StandWithCrypto movement, are against policies of over-regulation and authoritarian governance.
Armstrong Sees Election as Key Victory for Crypto and Innovation
While celebrating the victories, Armstrong was aware that other factors led to the election. He pointed to Elon Musk’s acquisition of Twitter/X as a pivotal moment. Despite these factors, Armstrong focused on the main takeaway: Voters in America are moving away from socialism and towards more economic liberty. He stressed innovation, technology, and free markets as the country’s future.
He also noted that the crypto community was apolitical, as the candidates favored across the political spectrum were irrelevant. Further, he lauded the industry for helping to put in power politicians who are friendly to business and technology, irrespective of their party. However, he said the industry was more sympathetic to the Republicans mainly because of the support for the FIT21 bill. Armstrong also added his optimism that this will decrease because both parties should champion the role of crypto in fuelling economic growth.
As stated above, Armstrong also has faith in the crypto industry’s future. He remains optimistic that the calls will lead to the passage of friendly legislation on the usage of cryptocurrencies in the United States and internationally. Coinbase and other companies like A16Z are already funding groups that seek to promote friendly policies in this regard.
In conclusion, Armstrong is proud of the crypto community’s progress. He is optimistic that sensible legislation will allow the industry to grow. As a result, it will ensure economic freedom and reshape the global financial system.
