Coinbase CEO Practices Crypto's Role In The 2024 US Election

Coinbase CEO Brian Armstrong (center) (photo: twitter @brian_armstrong)

JAKARTA - Coinbase CEO Brian Armstrong has shared his predictions about the crypto role in next year's general elections in the United States, stating that representatives in Washington, DC do not yet fully understand the power of crypto community voters in the upcoming elections.

"I don't think everyone in DC is fully aware of how powerful the crypto voter community is. And in my opinion, the 2024 election is an election where American voters will actually ask candidates to explain their position on crypto," Armstrong said in a recent interview with Yahoo Finance.

According to Armstrong, about 56 million people in the US have used cryptocurrence. "That's five times the number of electric vehicle owners, just for example. And we are voters," he said. He believes the gap between current crypto policy and the public's needs will make cryptocurrence a hot topic in 2024.

Indeed, presidential candidates are actively talking about cryptocurrence. The governor of Florida, Ron DeSantis, has promised to ban the central bank's digital currency (CBDC) if elected president. Robert F. Kennedy Jr. also opposes the exploration of the digital dollar concept. Both, Kennedy Jr. and DeSantis, citing privacy concerns as a reason for their position. However, these candidates have adopted a crypto-friendly campaign strategy.

The White House is likely to be a place for CBDC supporters, according to a recent report from crypto asset manager Grayscale. Leading in a 2024 presidential poll among their parties, Joe Biden and Donald Trump "brightened to support CBDC exploration," the analysis said.

Coinbase has been lobbying Washington, DC for a clear regulatory framework in the crypto space. Congress is now discussing a cross-party bill that may eventually set rules for companies and crypto users across the country. However, according to Armstrong, legislation isn't the only option for crypto companies, he pointed to the possibility of a new chairman at the Securities and Exchange Commission (SEC) by 2024.

"I also think there is a possibility that we will get a different chairman by 2024 or after," he said, referring to the possibility of replacement of Gary Gensler. Coinbase was investigated by the SEC in June for allegedly violating securities laws, claiming a number of tokens traded on the exchange were securities.