Author: Brian Armstrong, Coinbase CEO
Translation: Felix, PANews
The 2024 U.S. presidential election has concluded, with Trump defeating incumbent Vice President Harris to win a new four-year term. In response, Coinbase founder and CEO Brian Armstrong shared his thoughts on the election from a cryptocurrency perspective. Below is the full content.
I want to share some thoughts on the election from the perspective of cryptocurrency and Coinbase's mission to enhance economic freedom (very politicized).
In any case, this election is a huge victory for cryptocurrency.
Pro-cryptocurrency Bernie Moreno defeated Sherrod Brown, which was key to Trump's victory in Ohio. Sherrod Brown is one of the most anti-cryptocurrency senators.
The winning presidential candidate fully supports cryptocurrency.
The nation has completely rejected the attempts by Senator Warren and Gary Gensler to illegally stifle the cryptocurrency industry over the years. They should both be held accountable for their party's failure (Biden and Harris should also be held accountable).
The next Congress will be the most pro-cryptocurrency Congress in history. StandWithCrypto voters showed up in large numbers, helping to elect pro-cryptocurrency candidates in nearly every district. (The House elected 257 pro-cryptocurrency candidates.)
A clear message has been sent to Washington, D.C.: opposing cryptocurrency is a good way to end a political career, as it goes against the will of the voters, who are dissatisfied with the current financial system and want change.
Of course, there were many other factors in this election, with Musk possibly playing the largest role (the acquisition of Twitter/X was a turning point). There are many other factors, which I won't elaborate on here.
But I believe the most important message that American citizens sent to the government in this election is that we will not build a larger and more powerful government, nor will we endorse excessive regulation, legal battles, rampant money printing, or attempts to buy voters with free benefits while driving up the deficit. America will follow the path of economic freedom, which is the source of our strength, based on limited government, the rule of law, elite management, fiscal discipline, and respect for the free market (rather than the government) as the source of economic growth, and the promotion of science, technology, and builders as the sources of civilizational progress.
This should not be a partisan struggle. Both parties have excellent pro-business, pro-technology supporters, and the cryptocurrency industry supports them. But that does not mean support should be evenly split, as their support in this election was not equal. I received many angry calls from leftists who were upset that our industry did not support the Democratic Party. What they refuse to acknowledge is that more Republicans voted in favor of the FIT21 bill in the House (about 3 to 1), while the legal battles/attacks against cryptocurrency came from the Trump administration. A truly nonpartisan political action committee (PAC) focuses solely on candidates' positions on cryptocurrency and economic freedom, not on which party they belong to. If they fall into a partisan mindset, they simply cannot understand why the support is not evenly split or why they should support their preferred party (or do not want to, as it does not align with their interests).
In any case, I am proud of the truly principled, nonpartisan approach taken by the cryptocurrency community. I hope that after this election, we will no longer see this imbalance. Cryptocurrency should receive support from both sides, and any important new technology or industry that drives American prosperity should also receive bipartisan support. Each side can support it with its own values. What we cannot tolerate is politicians attempting to illegally undermine our industry or strip away the rights of our customers.
Finally, from a policy perspective, cryptocurrency will continue to exist, and we will continue to work until we see reasonable legislation protecting consumers and the industry from attacks. We will see the cryptocurrency industry rebuild in the U.S. Coinbase and A16Z have provided additional funding for Fairshake, which has currently raised about $78 million for the 2026 midterm elections. StandWithCrypto currently has 1.9 million supporters and has set a future goal of reaching 4 million supporters by the 2026 midterm elections. They will also continue their efforts internationally, as we need to see similar rules in the G20 and other countries. Only through widespread global adoption can cryptocurrency renew the global financial system and increase economic freedom.
I am proud of the progress made by the cryptocurrency community. Now let’s pass some reasonable legislation in the U.S. and continue building.
Related: The U.S. Welcomes Its First Crypto President! A Look Back at Crypto Moments in the Election
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