Coinbase CEO Brian Armstrong has shared his predictions for the role crypto will play in next years’ elections in the United States, claiming that representatives in Washington, D.C. do not fully understand the crypto community’s voting power in the upcoming race.
“I don’t think everybody in DC actually fully realizes how powerful the crypto voting community block is. And I think 2024 is an election where the voters of America are really going to hold candidates’ feet to the fire and say, what is your position on crypto?,” Armstrong said during a recent interview with Yahoo Finance.
According to Armstrong, roughly 56 million people in the U.S. have already used cryptocurrencies. “It’s 5x as many as have electric vehicles, just as an example. And we’re voters,” he noted. He believes the gap between current crypto policies and American needs will make cryptocurrencies a hot topic in 2024.
Indeed, presidential candidates are actively speaking out about cryptocurrency. Florida’s Governor Ron DeSantis has vowed to ban central bank digital currencies (CBDCs) if elected president. Robert F. Kennedy Jr. is also opposed to exploring the concept of a digital dollar. Both Kennedy Jr. and DeSantis cited privacy concerns as reasons for their positions. The candidates, however, have adopted a crypto-friendly campaign strategy.
The White House is likely to be home to a CBDC supporter, according to a recent report from crypto asset manager Grayscale. Ahead in the 2024 presidential polls among their respective parties, Joe Biden and Donald Trump are “favorable toward exploring CBDC,” says the analysis.
Coinbase has been lobbying in Washington, D.C. for a clear regulatory framework in the crypto space. Congress is now actively discussing bipartisan bills that may finally set rules for crypto firms and users across the country. But legislation isn’t the only option for crypto firms, said Armstrong, pointing to the possibility of a new chair at the Securities and Exchange Commission (SEC) in 2024.
“I also think there’s a possibility we’ll just get a different chair in 2024 or beyond,” he suggested in reference to a possible replacement for Gary Gensler. Coinbase was sued by the SEC in June for allegedly breaking security laws, claiming a number of tokens traded on the exchange were securities.