Originally published on: November 07, 2024
The recent presidential election in the United States has generated excitement within the crypto community, with Coinbase CEO Brian Armstrong expressing optimism about the future of digital assets. Following Donald Trump’s re-election and the Republican Party’s control of the Senate, there is anticipation for positive changes in the regulatory landscape for cryptocurrencies.
Trump’s victory has led to a surge in Bitcoin prices, crossing the $75,000 mark on Nov. 6. With expectations of regulatory clarity and potential legislative opportunities, the crypto industry is hopeful for a more supportive environment, especially if Trump replaces SEC Chair Gary Gensler as promised.
Key races in various states, such as Ohio, have shown a pro-crypto trend emerging. Armstrong highlighted the election of over 250 pro-crypto candidates in the House, creating what he calls “the most pro-crypto Congress ever.”
The CEO believes that the electorate’s preference for economic freedom reflects a desire for limited government intervention and a stronger emphasis on free markets. This ideology could lead to reduced regulatory oversight and more operational flexibility for centralized crypto exchanges like Coinbase.
In light of these developments, Coinbase’s chief legal officer, Paul Grewal, called on the SEC to halt its legal actions against the crypto industry and focus on creating clear regulations instead.
Trump has promised to unite the nation and end what he perceives as the Biden-Harris administration’s anti-crypto stance. His plan to replace Gensler on his first day in office could signal a significant shift in the SEC’s approach to cryptocurrencies, potentially bringing relief to companies like Coinbase, which have faced regulatory scrutiny in the past.
Overall, the outcome of the US election has raised hopes for a more favorable environment for cryptocurrencies, providing opportunities for growth and innovation in the digital assets industry.
