Coinbase CEO: Thinking about the US election from a crypto perspective

A truly non-partisan PAC focuses only on candidates' positions on cryptocurrency and economic freedom, not on which party they belong to.

Original: Reflections on the election through a crypto lens (X)

Author: Brian Armstrong, Coinbase CEO

Translated by: Felix, PANews

The 2024 US presidential election has come to an end, with Trump defeating the incumbent Vice President Harris and winning a new four-year term. On this, Coinbase founder and CEO Brian Armstrong has written a post reflecting on the US election from the perspective of cryptocurrency, with the full text as follows.

I want to share some thoughts on the election (highly political) from the perspective of cryptocurrency and Coinbase's mission to increase economic freedom.

In any case, this election is a huge victory for cryptocurrency.

1. Bernie Moreno, who supports cryptocurrency, defeated Sherrod Brown, one of the most anti-cryptocurrency senators, which was key to Trump's victory in Ohio.

2. Cryptocurrency has the full support of the winning presidential candidate.

3. The nation has completely rejected the actions of Senators Warren and Gary Gensler, who have tried to illegally stifle the cryptocurrency industry for years. They should be held accountable for the party's failure (Biden and Harris should also be held accountable).

4. The next Congress will be the most pro-cryptocurrency Congress in history. A large number of StandWithCrypto voters have emerged to help elect pro-cryptocurrency candidates in almost every district. (257 pro-cryptocurrency candidates were elected to the House of Representatives)

5. Washington, DC has received a clear message that opposing cryptocurrency is a good way to end one's career, as it goes against the will of voters who are dissatisfied with the current financial system and want change.

Of course, in addition to cryptocurrency, there are many other factors in this election, and Musk may have played the biggest role (the Twitter/X acquisition was a turning point). There are many other factors that I will not go into detail here.

But I believe the most important message that the American people have sent to the government in this election is that we will not build an ever-larger and more powerful government, we will not advocate for over-regulation, litigation warfare, massive money printing, and trying to buy voters with free welfare while simultaneously driving up deficits. America will follow the path of economic freedom, which is the source of our strength, based on limited government, the rule of law, meritocratic management, fiscal discipline, respect for the free market (rather than government) as the source of economic growth, and the advocacy of science, technology, and builders as the source of civilizational progress.

This should not be a partisan issue. Both parties have excellent pro-business, pro-technology supporters, and the cryptocurrency industry supports them as well. But this does not mean that the support rate should be 50/50, as their support rates in this election were not equal. I have received many angry calls from left-wing people who are dissatisfied with our industry's lack of support for the Democratic Party. What they refuse to acknowledge is that more Republicans voted to support the FIT21 bill in the House (about 3 to 1), while the legal battles/attacks on cryptocurrency came from the Trump administration. A truly non-partisan political action committee (PAC) focuses only on candidates' positions on cryptocurrency and economic freedom, not on which party they belong to. If they get caught up in a partisan mindset, they simply cannot understand why it is not 50/50 or supporting the party they prefer (or don't want to, because it is not in their interest).

In any case, I am proud that the cryptocurrency community has taken a truly principled, non-partisan approach. Hopefully, after this election, we will no longer see such imbalance. Cryptocurrency should have the support of both sides, and any important new technology or industry that drives the prosperity of America should also have the support of both sides. Each side can support it based on their own values. What we cannot tolerate is politicians trying to illegally undermine our industry or deprive our customers of their rights.

Finally, from a policy perspective, cryptocurrency will continue to exist, and we will continue to work until we see reasonable legislation to protect consumers and the industry from attacks. We will see the cryptocurrency industry rebuild in America. 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 truly renew the global financial system and increase economic freedom.

I am proud of the progress the cryptocurrency community has made. Now let's get some reasonable legislation in America, and then keep building.

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