As a seasoned researcher with extensive experience in the cryptocurrency sector, I find myself deeply optimistic about the future of our industry under the newly elected administration. The victory of pro-crypto candidates, particularly Senator Bernie Moreno, and the re-election of some notable figures despite their anti-crypto stance, such as Senator Elizabeth Warren, paints a complex but encouraging picture for the crypto community.
As the co-founder and CEO of Coinbase, Brian Armstrong sees this year’s election as a triumph for the cryptocurrency community, as the upcoming Congress is expected to be more supportive of cryptocurrencies than any other in U.S. history, and with a president who favors cryptocurrencies.
In an article posted on X, Coinbase CEO Brian Armstrong expressed his thoughts on the recent US election “through a crypto lens” as well as his company’s commitment to boost economic freedom.
He listed a few highlights from the election that he sees as a positive sign for the crypto industry moving forward. The first one being the pro-crypto Republican Senator Bernie Moreno’s win in Ohio against Sherrod Brown, who Armstrong considered to be “one of the most anti-crypto senators out there.”
He assured the crypto community that the next congress will be “the most pro-crypto congress ever.” At the time of writing, Stand With Crypto notes a whopping 261 pro-crypto candidates have been elected into the House of Representatives.
Additionally, Armstrong emphasized Trump’s victory, pointing out that the cryptocurrency sector now enjoys the “vigorous endorsement” from the elected presidential candidate.
Throughout his presidential campaign, Trump has consistently advocated for cryptocurrencies. He’s made promises such as establishing a national Bitcoin reserve, dismissing the current chairman of the Securities and Exchange Commission, Gary Gensler, on his inauguration day, and replacing them with regulatory figures who are sympathetic towards crypto.
As an analyst, I’d rephrase it like this: In my observation, I commend the cryptocurrency community for maintaining a neutral stance during the recent election. Notably, both parties have garnered backing from the crypto sector, albeit unevenly, a fact I acknowledge.
In his post, Armstrong expressed that both sides could back it based on their individual principles. However, he made it clear that he would not accept any political maneuvers aimed at illegally dismantling our industry, or infringing upon the rights of our clients.
16% of voters polled by The Digital Chamber before the U.S. election identified as part of the “Crypto Voting Bloc,” a collection of both Republicans and Democrats who expressed a higher likelihood of supporting a political candidate with pro-cryptocurrency views.
Optimism for a pro-crypto administration
Brian Armstrong, a notable figure in the crypto world, believes that the Democratic Party’s recent losses can be linked to the strong anti-crypto stance taken by key figures within the Biden Administration, such as Senator Elizabeth Warren and Gary Gensler. According to him, these individuals have attempted to unfairly stifle our industry.
Nonetheless, Senator Warren held onto her position in Congress, successfully outmaneuvering pro-cryptocurrency Republican Senator John Deaton. Notably, records from Stand With Crypto show that Senator Warren has made 83 negative remarks about cryptocurrencies.
Regardless of Warren’s victory, Armstrong pointed out that this year’s election conveyed a clear message to politicians: being against cryptocurrencies in the present political landscape can negatively impact electability. Additionally, he stated that America is likely to pursue a route towards financial freedom, which will stimulate economic growth by fostering advancements in the free market.
Ultimately, Armstrong forecasted that cryptocurrency would become an enduring element of the upcoming administration, particularly in terms of policy. He underscored the crypto sector’s persistent efforts to enact additional crypto regulations aimed at safeguarding consumers and the industry against potential future threats.
Armstrong expressed great pride at the progress made by the cryptocurrency community so far, and now he’s advocating for reasonable laws in the United States. After that, it’s time to continue developing,” he said.
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2024-11-07 20:30