Coinbase CEO Brian Armstrong shared his predictions about the role crypto will play in next year’s US elections, saying representatives in Washington don’t fully understand the voting power of the crypto community in the next race.
“I don’t think everyone in Washington fully realizes how powerful the crypto voting community block is. And I think 2024 is an election where American voters are really going to hold the candidates to the fire and say: what is your position on crypto? Armstrong said during a recent interview with Yahoo Finance.
According to Armstrong, around 56 million people in the United States have already used cryptocurrencies. “That’s 5 times more than electric vehicles, just as an example. And we are voters,” he stressed. He believes the gap between current crypto policies and the needs of Americans will make cryptocurrencies a hot topic in 2024.
Indeed, presidential candidates are actively speaking out about cryptocurrencies. Florida Governor Ron DeSantis committed to banning central bank digital currencies if he is elected president. Robert F. Kennedy Jr. also opposes exploring the concept of a digital dollar. Both Kennedy Jr. and DeSantis cited privacy concerns to justify their positions. However, candidates have adopted a crypto-friendly approach campaign strategy.
The White House likely to house a CBDC supporter, according to a recent report from crypto asset manager Grayscale. Leading the 2024 presidential elections among their respective parties, Joe Biden and Donald Trump are “favorable to CBDC exploration,” the analysis says.
Coinbase lobbied in Washington for a clear regulatory framework in the crypto space. Congress is currently actively discussing bipartisan bills that could finally establish rules for crypto businesses and users across the country. But legislation is not the only option for crypto companies, Armstrong said, pointing to the possibility of a new chairman at the Securities and Exchange Commission in 2024.
“I also think it’s possible that we might get a different president in 2024 or beyond,” he suggested, referring to a possible replacement for Gary Gensler. Coinbase was sued by the SEC in June for allegedly violating security laws, claiming that a number of exchange-traded tokens were securities.