 Election delivers big win for crypto, economic freedom — Coinbase CEO 
2024-11-07

The 2024 United States presidential election 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 Senate — with a House of Representatives majority also within reach — crypto advocates, including Coinbase CEO Brian Armstrong, have expressed optimism that the changes may benefit the digital assets industry.
In response to the election outcome, the Bitcoin BTCUSD price surged to more than $75,000 on Nov. 6 amid anticipation of potential regulatory clarity, legislative opportunities and expectations for changes at the Securities and Exchange Commission.
With the Republican Party now holding a majority in the Senate and Trump’s stance on crypto generally supportive, the US may see a more favorable regulatory approach, especially if Trump follows through on his promise to replace SEC Chair Gary Gensler.
Pro-crypto shift
Multiple key races highlight an emerging pro-crypto trend, such as in Ohio, where Republican Bernie Moreno unseated incumbent Senator 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.”
Regulatory clarity
Armstrong wrote about the implications for the industry following the election results, saying the electorate’s preference for economic freedom reflects disillusionment with 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.
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 overseen SEC 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, may come to an early and abrupt end.