Coinbase CEO: Thinking about the 2024 US election from a crypto perspective

Author: Brian Armstron, Founder and CEO of Coinbase; Translated by: 0xjs@黄金财经

I want to share some brief thoughts about the election from the perspective of cryptocurrency and Coinbase's mission to increase economic freedom (we are very political in this dimension).

No matter how you look at it, this election is a huge win for cryptocurrency.

1. Support for cryptocurrency was a key factor in Bernie Moreno's victory over Sherrod Brown in Ohio. Sherrod was one of the most anti-crypto senators.

2. Cryptocurrency has the full support of the winning presidential candidate

3. The United States completely denies that Senators Warren and Gary Gensler have tried to illegally stifle our industry for many years. They both should take their own responsibility for the failure of the Democratic Party (Biden and Harris should also take responsibility for their loss of control).

4. The next Congress will be the most pro-crypto Congress ever. StandWithCrypto voters turned out in large numbers to help elect pro-cryptocurrency candidates in nearly every district. (The House of Representatives elected 257 pro-cryptocurrency candidates)

5. Washington, DC received a clear message that being against crypto is a good way to end a career because it does not represent the will of voters who are unhappy with the current financial system and want changes.

Of course, there were many other factors in this election besides crypto - Musk probably played the biggest role (his acquisition of Twitter/X marked a turning point). There were many other factors, and I won't go into them here.

But I think the biggest message we (American citizens) sent to the government in this election was that we will not go down the socialist path, build a government that is getting bigger and more powerful, over-regulate, fight legal battles, print a lot of money, or buy votes by giving out free money while driving up the deficit. America will follow the path of economic freedom, which is the source of our strength, based on limited government, the rule of law, meritocracy, fiscal discipline, respect for free markets (not government) as the source of economic growth, celebration of science, technology, and builders as the source of civilizational progress, and so much more.

This should not be a partisan message. There are excellent pro-business, pro-tech advocates in both parties, and the crypto industry supports them. But that doesn't mean support should be 50/50, because in this election it was not evenly split. I have received many angry calls from people on the left who are upset that the industry efforts are not completely 50/50 or even supportive of the Democrats. What they refuse to acknowledge is that more Republicans voted for the FIT21 bill in the House (by about a 3 to 1 advantage), while the legal battles/attacks against crypto are coming from a Democratic administration. It is really nerve-wracking to support a truly nonpartisan PAC that focuses only on candidates' positions on crypto and economic freedom, not which party they belong to. If they are stuck in partisan thinking, they can’t understand why it’s not 50/50 or support their preferred party (or don’t want to because it’s not in their interest).

Anyway, I’m proud that the crypto community has taken a truly principled, nonpartisan approach, and I hope that after this election, we no longer see this imbalance. Crypto should be supported by both parties, as should any important new technology or industry that drives American prosperity. Both parties can support it with their values. We cannot tolerate politicians trying to illegally destroy our industry, or take away the rights of our customers.

Finally, from a policy perspective, crypto is here to stay, and we will continue to be present until we see sensible legislation passed to protect consumers and the industry from future attacks. We will see this industry built in the United States. Coinbase and a16z have provided additional funding to Fairshake, which has already used approximately $78 million in the 2026 midterm elections. StandWithCrypto currently has 1.9 million supporters and has set a stretch goal of reaching 4 million supporters by the 2026 midterm elections. They will also expand their efforts internationally, as we need to see similar rules at the G20 and beyond. Only through broad global adoption can cryptocurrencies update the global financial system and increase economic freedom.

I'm so proud of the progress the crypto community has made. Now let's pass some sensible legislation in the US and start building again!