Coinbase CEO: The U.S. presidential election witnessed the victory of the encryption industry, and opposing excessive regulation is the key

The US presidential election has now come to an end, attracting the attention of global industries and eliciting a fervent response from the crypto community. The day after the election, Coinbase CEO Brian Armstrong tweeted: "Regardless of how you slice it, this election will be a huge win for crypto." Armstrong stated that in this election, 247 House and 15 Senate candidates supporting cryptocurrencies were successfully elected (currently 261 and 17, respectively), including bipartisan individuals, making this the most crypto-friendly Congress in history. This also reflects voters' emphasis on economic freedom and dissatisfaction with the current financial system. Armstrong used the example of Ohio, where pro-crypto Bernie Moreno defeated the incumbent anti-crypto Senator Sherrod Brown. Armstrong said this shows voters' discontent with current anti-crypto officials, adding a pro-crypto member to Congress. Regarding campaign funding, Armstrong said the pro-crypto community collectively donated over $200 million, with $204 million invested in the pro-crypto political action committee (PAC) Fairshake. He said Fairshake's active campaigning was a key factor in the victories, such as the $40 million it invested to help Moreno win in Ohio. Coinbase, Ripple Labs, and a16z were also major donors. Armstrong emphasized that the crypto community's mobilization power was crucial in helping pro-crypto candidates win across the country. Armstrong stressed that the election results send a clear message that "an anti-crypto stance could end a politician's career prematurely." He criticized Democratic Senator Elizabeth Warren and SEC Chairman Gary Gensler for their long-term suppression of the crypto industry, holding the Democratic Party responsible for the losses. He also said that Biden and Harris, who allowed this to happen, must also be held accountable. Armstrong stated that the elected pro-crypto candidates represent the voice of economic freedom and reduced government intervention, echoing voters' desire for reform of the modern financial system.

The crypto industry's leaning towards the Republican Party has caused dissatisfaction among Democrats, please focus on the current situation rather than party affiliation

Armstrong also stated that the crypto industry's support stance is non-partisan, but since the majority of candidates supporting cryptocurrencies in this election are from the Republican Party, the industry's support has also leaned towards the Republican Party. He added that many supporters from the Democratic Party are dissatisfied with this uneven distribution of support, and have even called to protest, believing that the crypto industry should support more Democratic candidates. However, these people have overlooked two important facts:

1. The proportion of Republican representatives in the House of Representatives who voted to support the FIT21 bill (limiting the SEC's jurisdiction over cryptocurrencies) is three times higher than that of the Democrats.
2. In recent years, the "law enforcement actions against the crypto industry" have mainly come from the policy direction of the Democratic Party.

Armstrong believes that the crypto industry's political action committee (PAC) is truly "non-partisan", only focusing on the candidates' stance on cryptocurrencies and economic freedom. However, there are still people who are still stuck in partisan ideology, unable to understand the current situation, and even believe that such support should be tilted towards their own political party, which he finds puzzling.

(Coinbase fights back against the SEC with a new appeal, citing the House's passage of FIT21)

The crypto industry is adding funds for the next election, promoting globally consistent crypto regulations

Armstrong said that the cryptocurrency industry has now established a foothold in policy, and will continue to strive to implement reasonable policies to protect consumers and the industry. He also said that the crypto industry has clear goals for the future, and industry representatives such as Coinbase and a16z have already added funds to Fairshake for the 2026 election, currently investing about $78 million in preparation funds for the next election.

He also said that Coinbase's advocacy organization Stand With Crypto (SWC)'s next step is to plan to increase the current 1.9 million supporters to 4 million by 2026, with the intention of going international, hoping to promote similar policies within international organizations such as the G20, to achieve globally consistent cryptocurrency regulations.

Musk's acquisition of Twitter to protect free speech is the key to victory

Armstrong not only talked about the influence of cryptocurrencies in this election, but also mentioned that Musk may be one of the biggest keys in this election battle, as his acquisition of Twitter has helped to preserve an information dissemination platform that enjoys freedom of speech rather than being influenced by traditional media.

The US crypto industry is moving towards a stable and legal development

Finally, Armstrong also said that the outcome of this election not only has allowed the crypto industry to establish a foothold in policy, but has also affirmed the concept of economic freedom and innovative development in the US political arena. With the rise of new forces in Congress, the cryptocurrency community hopes to see more rational regulations to reasonably regulate, protect consumers and encourage industry development.