Coinbase CEO Brian Armstrong Calls US Election a ‘Huge Win for Crypto’

Highlights:

• Armstrong celebrates the 2024 U.S. election as a huge win for the crypto industry.
• Trump’s victory signals a shift in federal attitudes towards cryptocurrency and economic freedom.
• Armstrong pledges $25 million to Fairshake Fund to support pro-crypto candidates for 2026.

In a recent post on X, Coinbase CEO Brian Armstrong called the 2024 U.S. election a “huge win for crypto.” Armstrong said 257 pro-crypto candidates were elected to the House of Representatives across both parties. He expressed confidence that the incoming Congress will be the most supportive of crypto-related policies.

Advertisement

https://t.co/XyNlxPOObH

— Brian Armstrong (@brian_armstrong) November 6, 2024

Armstrong pointed out Bernie Moreno’s victory over “anti-crypto” Sherrod Brown in Ohio, suggesting that Brown’s anti-crypto stance may have cost him the election. He also pointed out that the winning presidential candidate, Donald Trump, expressed clear support for crypto, signaling a shift in federal attitudes towards the industry.

He stated:

“DC received a clear message that being anti-crypto is a good way to end your career, as it doesn’t represent the will of the voters, who are disaffected by the current financial system and want change.”

Armstrong also noted that, aside from the crypto perspective, Elon Musk’s significant support for Trump likely played a key role in the election. He emphasized that Trump’s victory would enable the U.S. to focus on “economic freedom.”

Armstrong Blames Warren, Gensler, and Biden for Undermining Crypto Industry

Concurrently, the Coinbase CEO criticized the previous administration for attempting to undermine the crypto industry. He also blamed SEC head Gary Gensler and Senator Warren for unlawfully killing the crypto industry.

Armstrong said:

“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry. They both should take their share of responsibility for the loss of their party (along with Biden and Harris for letting them run amuck).”

Massachusetts Democratic Senator Elizabeth Warren won her third term, defeating Republican opponent John Deaton, a pro-crypto attorney, with nearly 60% of the votes. First elected in 2012, she was declared the winner shortly after polls closed on Tuesday night.

Thank you, Massachusetts! I’m deeply grateful that you’ve decided to send me back to the Senate. Together, we’ll keep up the fight for a government that works for working people. pic.twitter.com/DMBA8VkbbC

— Elizabeth Warren (@ewarren) November 6, 2024

Armstrong Highlights Fairshake Fund’s Boost to Pro-Crypto Efforts Ahead of Midterm Elections

Coinbase CEO Armstrong also highlighted the role of Fairshake, a pro-crypto fund, in supporting candidates who back the crypto industry. Partly funded by Coinbase, Fairshake has already raised $78 million for the 2026 election cycle.

Recently, Armstrong announced on X that the company will donate an additional $25 million to Fairshake to support pro-crypto candidates ahead of the 2026 midterm elections. He emphasized that the company will continue its efforts after the election.

We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever.

But we're not slowing down post-election.

Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use…

— Brian Armstrong (@brian_armstrong) October 30, 2024

The CEO mentioned that Fairshake’s financial commitment aligns with the industry’s long-term strategy for a stable regulatory environment in the digital asset space. Armstrong also committed to supporting Stand with Crypto (SWC), which targets 4 million members by 2026. SWC focuses on engaging crypto-friendly voters, educating them on policies, and mobilizing efforts in key swing states.

Brian Armstrong also clarified that Coinbase does not charge projects extra fees for listings. Responding to concerns on social media, he emphasized the exchange’s commitment to providing fair access for emerging projects. He also suggested that decentralized exchanges can offer alternatives to the challenges of centralized listings.

Asset listings on Coinbase are free – drop us a note through our Asset Hub and we'll see if we can helphttps://t.co/Weoa8MhLeq

And yes, DEXes are also a great option (which we support in our products). https://t.co/cjp0Avu4uC

— Brian Armstrong (@brian_armstrong) November 2, 2024

Armstrong reaffirmed that crypto is here to stay, stressing Coinbase’s commitment to supporting sensible legislation. He expressed confidence that the crypto industry will keep growing and solidifying its presence in the US.

Advertisement