Originally published on: November 07, 2024
In a surprising turn of events, the 2024 United States presidential election has ushered in a new era of hope for the crypto industry. With Donald Trump poised for a second term in office and the Republican Party securing control of the Senate, the future looks bright for digital assets, according to Coinbase CEO Brian Armstrong.
The election results triggered a rally in the price of Bitcoin, pushing it past $75,000 on Nov. 6. This surge was fueled by expectations of regulatory clarity, legislative opportunities, and anticipated changes at the Securities and Exchange Commission.
With a majority in the Senate and Trump’s favorable stance on crypto, the industry might see a more supportive regulatory environment. The possibility of Trump replacing SEC Chair Gary Gensler has also raised hopes for a positive shift in policies.
Notable victories in key races, such as Republican Bernie Moreno defeating crypto critic Senator Sherrod Brown in Ohio, underscore a growing pro-crypto sentiment. Armstrong pointed out the impact of Moreno’s pro-crypto stance on his electoral success, highlighting a shift in crypto policy outlooks.
Over 250 pro-crypto candidates have been elected to the House, making it the most pro-crypto Congress in history, according to Armstrong. This wave of economic freedom-oriented lawmakers signals a shift towards limited government intervention and a more market-friendly approach.
Armstrong and Coinbase’s chief legal officer, Paul Grewal, have urged the SEC to embrace rulemaking and cease adversarial actions against the crypto industry. Trump’s commitment to ending the Biden-Harris administration’s anti-crypto stance and potentially replacing Gensler on day one in office has further boosted optimism within the industry.
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