Coinbase CEO: U.S. Presidential Election Witnessed Victory for Crypto Industry, Opposing Overregulation is Key

The U.S. presidential election has come to a close, attracting global industry attention and sparking enthusiastic responses from cryptocurrency enthusiasts. Just one day after the election, Coinbase CEO Brian Armstrong took to Twitter to state: "No matter how you slice it, this election is a huge win for cryptocurrency."

Support for Cryptocurrency Candidates Leads to Successive Wins, Impacting Across the U.S.

Armstrong stated that the recent election saw 247 House and 15 Senate candidates supporting cryptocurrencies successfully elected, totaling 261 and 17 respectively. This includes bipartisan candidates, making this Congress the most cryptocurrency-friendly in history. It also shows voters' emphasis on economic freedom and dissatisfaction with the current financial system.

As an example, Armstrong mentioned Ohio, where pro-cryptocurrency candidate Bernie Moreno defeated incumbent Senator Sherrod Brown who was against cryptocurrencies. Armstrong noted that this reflects voters' discontent with anti-cryptocurrency officials, thereby adding a cryptocurrency-friendly official to Congress.

Crypto Industry Donates Up to $200 Million, Achieving Remarkable Results

In terms of campaign funds, Armstrong also mentioned that the cryptocurrency community collectively donated over $200 million, with $204 million invested in supporting cryptocurrency political action committee PAC Fairshake.

He mentioned Fairshake's active campaigning as a key factor in the victories. For instance, Fairshake invested $40 million in Ohio to help Moreno win the race. Major donors include his company Coinbase, cryptocurrency firm Ripple Labs, and venture capital firm a16z's founders. Armstrong emphasized that the cryptocurrency community demonstrated significant mobilization in this election, aiding cryptocurrency-supporting candidates across the U.S. to victory, becoming pivotal in their success.

Conveying a Clear Message of "Anti-Overregulation," Holding Biden and Harris Accountable

Armstrong stressed that the election results conveyed a clear message that "an anti-cryptocurrency stance may lead politicians to an early end to their political careers." He criticized Democratic Senator Elizabeth Warren and SEC Chairman Gary Gensler for their long-standing suppression of the cryptocurrency industry, holding them partially responsible for their party's failures. He further mentioned that Biden and Harris, who allowed them to disrupt, should also be held accountable.

Armstrong further stated that cryptocurrency-supporting candidates represent voices of economic freedom and reduced government intervention, echoing voters' desire for reform in the modern financial system.

Industry's Republican Leanings Cause Democratic Discontent, Focus on Current Situation Rather Than Partisanship

Armstrong also noted that the industry's support stance is non-partisan. Due to the concentration of cryptocurrency-supporting candidates in the Republican Party in this election, industry support leans toward the Republicans. He added that many Democratic supporters are dissatisfied with this uneven support, even calling to protest, believing that the cryptocurrency industry should support more Democratic candidates. However, these individuals overlook two crucial facts:

1. Republican members of the House voted three times more in favor of the FIT21 bill to limit the SEC's jurisdiction over cryptocurrencies than Democrats.
2. In recent years, the "enforcement actions against the cryptocurrency industry" primarily came from the Democratic policy direction.

Armstrong believes that the political action committee PAC supported by the cryptocurrency industry is truly "non-partisan," focusing solely on candidates' stance on cryptocurrencies and economic freedom. However, some still cling to partisan ideologies, unable to understand the current situation, and even believe that such support should lean towards their own party, which he finds perplexing.

Coinbase Counters SEC with New Appeal, Citing House Passing FIT21

Crypto Industry Adds Funds for Next Election, Advocating Global Common Cryptocurrency Regulations

Armstrong stated that the cryptocurrency industry has now firmly established its position in policy and will continue efforts to implement reasonable policies to protect consumers and the industry. He also mentioned that the cryptocurrency industry has clear goals for the future, with industry representatives like Coinbase and a16z already adding funds to Fairshake for the 2026 election, with approximately $78 million already invested in preparation for the next election.

He also mentioned that Coinbase's advocacy organization Stand With Crypto SWC plans to increase its current 1.9 million supporters to 4 million by 2026, aiming for international expansion and hoping to promote similar policies within international organizations such as the G20 to achieve global common cryptocurrency regulations.

Musk's Acquisition of Twitter Key to Upholding Freedom of Speech, the Greatest Victory

Armstrong not only discussed the impact of cryptocurrencies in this election but also highlighted Musk as possibly one of the key players in this election, as his acquisition of Twitter ensured a platform for information dissemination with freedom of speech, not influenced by traditional media.

U.S. Cryptocurrency Industry Progresses Towards Legal and Stable Development

Finally, Armstrong mentioned that the election results not only solidified the cryptocurrency industry's position in policy but also affirmed the principles of economic freedom and innovation in American politics. With the rise of new forces in Congress, the cryptocurrency community hopes for more rational regulations to regulate fairly, protect consumers, and encourage industry development.