Coinbase CEO Brian Armstrong has shared his predictions for the role cryptocurrencies will play in next year’s U.S. elections, claiming representatives in Washington, D.C. don’t fully understand how the crypto community will vote in the upcoming election right.
“I don’t think everyone in Washington, D.C., fully realizes how powerful the cryptocurrency voting community is. And I think American voters in 2024 are really going to put the candidates’ feet on the fire and say, what are your goals? ?Stance on cryptocurrencies?” Armstrong said in a recent interview with Yahoo Finance.
According to Armstrong, approximately 56 million people in the United States have used cryptocurrencies. “For example, there are five times as many electric cars as there are electric cars. We are the voters,” he noted. He believes that the gap between current cryptocurrency policy and U.S. demand will make cryptocurrency a hot topic in 2024.
In fact, presidential candidates are actively talking about cryptocurrencies. Florida Governor Ron DeSantis has vowed to ban central bank digital currencies (CBDC) if elected president. Robert F. Kennedy Jr. also opposed exploring the concept of a digital dollar. Both Kennedy Jr. and DeSantis cited privacy concerns as justification for their positions. However, the candidate adopted a cryptocurrency-friendly campaign strategy.
According to a recent report from crypto asset management firm Grayscale, the White House may be home to CBDC proponents. The analysis said that in their respective parties’ 2024 presidential election, Joe Biden and Donald Trump “favor exploring CBDC.”
Coinbase has been lobbying in Washington, D.C., for a clear regulatory framework in the cryptocurrency space. Congress is now actively debating bipartisan bills that could ultimately create rules for crypto companies and users across the country. But Armstrong said legislation is not the only option for cryptocurrency companies, noting that the U.S. Securities and Exchange Commission (SEC) may appoint a new chairman in 2024.
“I also think it’s possible that we’ll have a different chairman in 2024 or maybe longer,” he said of a possible replacement for Gary Gensler. Coinbase was indicted in June for allegedly was sued by the U.S. Securities and Exchange Commission (SEC) on multiple counts for violating security laws. Tokens traded on exchanges are securities.
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