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- 1 Coinbase CEO thinks crypto is going to play a crucial role in the presidential election next year.
- 2 Armstrong suggests that the CFTC gaining more authority over crypto and replacing the SEC Chair will be good for the crypto industry.
Coinbase CEO Brian Armstrong thinks cryptocurrency user’s voting block holds significance and the 2024 presidential election will see it. He stated in an interview that voters are going to ask the candidates for their stance on crypto before opting them out as their future leaders. In addition, he shed light on the position of the US in terms of regulations, innovations in crypto, and development within the crypto exchange.
In an interview with Yahoo Finance on Friday, September 8, 2023, Coinbase chief executive officer stated that crypto is going to play a crucial role in the upcoming elections.
People are going to ask the election candidates if they are going to continue the existing “unnecessary hostile” regulations or will make a suitable environment for technology. It will be an issue if they are going to facilitate a better environment to flourish the tech in the country and maintain the top position as a technology hub, he said.
According to Brian Armstrong, the politicians in the United States are unable to understand the potential of cryptocurrencies and the power that the crypto voting block holds.
Votes will raise the issue of crypto before the elections and are interested to know the candidates’ “position on crypto.”
As he mentioned the existing policies as unnecessarily hostile ones, it is clear that he does not relate to President Joe Biden’s policies on cryptocurrencies.
Coinbase Executive Seeks Regulations Via Courts and Lawmakers
The response from Coinbase CEO was on the question of crypto regulations in the United States. Armstrong stated that regulatory clarity is expected to come through two possible ways: Courts and Congress (lawmakers).
In the last several months, the courts’ decisions in favor of crypto entities brought clarity on regulations and situations with cryptocurrencies in the region. Moreover, bipartisan bills were also brought in Congress that got approval from lawmakers on both sides.
Also, Armstrong thinks that the Commodity Futures Trading Commission (CFTC) needs to take over more authority over the cryptocurrency market. He also thinks that replacing existing Securities and Exchange Commission (SEC) Chair Gery Gensler, with his term ending, is likely to make things better for the crypto industry.
The regulatory clarity over cryptocurrency assets is one of the demands of the broader crypto community. Many crypto executives, including Coinbase CEO, asked the financial regulators for clear crypto regulations in the United States.
In the absence of clear regulations, the right or legal decision always remains in the dark. The entities have to face enforcement actions. The leading U.S. crypto exchange itself saw a lawsuit filed against it in June 2023 under the allegations of offering unregistered securities sale.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
