Coinbase chief executive Brian Armstrong says the results of the US election are a huge victory for the crypto industry.
In a long post on the social media platform X, Armstrong says the executive and legislative branches of the US government are set to be replaced by politicians who have voiced their support for the digital asset industry.
According to the Coinbase boss, Americans went into polling stations partially to show their distaste for how U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler and Senator Elizabeth Warren tried to strangle the industry for years.
“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry…
This next Congress will be the most pro-crypto Congress ever. Stand With Crypto voters showed up in force to help elect pro-crypto candidates in almost every district on both sides of the aisle. (257 pro-crypto candidates elected in the House).”
Coinbase-backed digital asset advocacy group Stand With Crypto shows that voters elected 267 pro-crypto candidates in the House of Representatives and 18 in the Senate with President-elect Donald Trump at the helm.
Stand With Crypto gives Trump an “A” rating, signifying that the incoming US president strongly supports digital assets.
While the US 2024 elections turned out to be a big victory for crypto, Armstrong says the fight is far from over.
“Finally, crypto is here to stay from a policy POV (point of view), and we’re going to keep showing up until we see sensible legislation passed that protects consumers, and the industry, from future attacks. We are going to see this industry be built in America.
Coinbase and A16Z (Andreessen Horowitz) have contributed additional funding to Fairshake which already has about $78 million to use in the 2026 midterms. Stand With Crypto, which currently has 1.9 million advocates, has taken a stretch goal to get to 4 million advocates by the 2026 midterms.”
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