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The 2024 US election signals a positive shift for crypto and economic freedom, with Coinbase’s CEO expressing optimism for regulatory change and industry growth.
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The 2024 United States presidential election has brought substantial shifts in crypto policy outlooks as Donald Trump prepares to return to the White House for a second term.
Following Trump’s victory and the Republican Party securing control of the US Senate — with control of the House of Representatives also within their reach — crypto advocates, including Coinbase CEO Brian Armstrong, have expressed optimism that the administration change could benefit the digital assets industry.
In response to the election outcome, the Bitcoin (BTC) price surged to more than $75,000 on Nov. 6 amid anticipation of potential regulatory clarity, legislative opportunities and expectations for changes at the US Securities and Exchange Commission.
With the Republican Party now holding a majority in the Senate and Trump’s stance on crypto generally supportive, the United States could see a more favorable regulatory approach, mainly if Trump follows through on his promise to replace SEC Chair Gary Gensler.
Related: Coinbase exec urges SEC reform after Trump’s election win
Pro-crypto shift
Multiple key races highlight a pro-crypto trend emerging, such as in Ohio, where Republican Bernie Moreno unseated incumbent Sherrod Brown, a vocal critic of crypto.
Moreno’s win highlights a shift in stance toward crypto policy as Armstrong’s X post on Nov. 6 suggested, “Crypto supporting Bernie Moreno was the key factor in his victory over Sherrod Brown.”
Over 250 pro-crypto candidates were elected in the House, creating what the Coinbase CEO called “the most pro-crypto Congress ever.”
Source: Brian Armstrong
Related: Crypto stocks close on huge gains riding Donald Trump’s US election win
Regulatory clarity
Armstrong wrote about the implications for the industry following the election results, claiming that the electorate’s preference for economic freedom reflects the disillusionment of over-regulation.
“America is going to follow a path toward economic freedom which is our source of strength, based on limited government, rule of law, meritocracy, fiscal discipline, respecting the free market (not government),” the Coinbase CEO said.
As the CEO of a centralized crypto exchange, Armstrong’s views also highlight potential benefits for CEXs, including reduced regulatory oversight and increased operational flexibility.
Related: Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst
Push for SEC shakeup
On Nov. 6, Paul Grewal, Coinbase’s chief legal officer, reinforced Armstrong’s stance, urging the SEC to “stop suing crypto” and initiate “rulemaking now.”
Trump’s pledge to focus on unifying the nation and end what he called the Biden-Harris administration’s “anti-crypto crusade” came with the promise of firing Gensler on day one in office.
Gensler, appointed by President Joe Biden, has governed during the SEC’s enforcement actions against Coinbase, MetaMask wallet developer Consensys and decentralized exchange Uniswap, among others.
If Trump fulfills his promise to fire Gensler on day one, the SEC chair’s tenure, set to end in April 2025, could come to an early and abrupt end.
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This article first appeared at Cointelegraph.com News
