Brian Armstrong, CEO of the Coinbase exchange , presented the election results through the lens of cryptocurrencies. He called the 2024 US election. “a huge victory for cryptocurrencies.”
In a post on X, Armstrong referred to the election results, pointing to various factors that led to Trump’s victory. “A key factor in his victory” was the victory of cryptocurrency proponent Bernie Moreno in the state of Ohio over cryptocurrency critic Sherrod Brown.
Brown had previously cited concerns about the use of cryptocurrencies in illegal finance. He has continually argued that they can be used to circumvent sanctions and finance terrorism. In addition, President Donald Trump ‘s “full support” for cryptocurrencies has rallied the community to vote for him in this election.
Armstrong also blamed Senator Warren and SEC chief Gary Gensler for “illegally” destroying the cryptocurrency industry. “They should both take some responsibility for the loss of their party (along with Biden and Harris for letting them run wild),” he – he wrote.
The election proved that being anti-crypto “is a good way to end a career,” he – he added. In addition, voters are dissatisfied with the current financial system and want change.
On the positive side, 257 pro-crypto candidates won elections in both parties. However, highly vocal anti-crypto Senator Elizabeth Warren, D-Mass. retained her seat for a third term, defeating cryptocurrency advocate and lawyer John Deaton, winning nearly 60% of the vote.
Beyond the cryptocurrency angle, Elon Musk ‘s big bet on Trump “probably played the biggest role” in the election, Armstrong noted. He stressed that Trump’s victory would allow the country to pursue “economic freedom,” which is the source of America’s strength.
“In any case, I’m proud that the cryptocurrency community has taken a truly principled, non-partisan approach, and I hope that after this election we won’t see this imbalance anymore,” he said. He predicts that sensible legislation will be passed to protect consumers and the industry. “We will see this industry grow in America,” he says.
