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Coinbase's top executive, Brian Armstrong, has given his take on the possible influence of the cryptocurrency community in the upcoming 2024 U.S. elections. Armstrong emphasized that many in Washington might be underestimating the strength of the crypto voter base.
During his chat with Yahoo Finance, Armstrong pointed out that approximately 56 million Americans have engaged with cryptocurrencies. This number, he stressed, is much higher than those who own electric cars. He sees this statistic as a clear indicator that cryptocurrency will be a central theme in the 2024 elections, challenging candidates on their stance.
Interestingly, key presidential hopefuls have already made their positions known. Governor Ron DeSantis from Florida has declared that he would prohibit central bank digital currencies (CBDCs) if he wins the presidency. Similarly, Robert F. Kennedy Jr. has voiced concerns about a digital dollar, primarily due to privacy implications. Nevertheless, their campaign strategies seem to support the crypto sector.
A recent analysis by crypto asset management firm Grayscale hints at a potential supporter of CBDCs occupying the White House after the 2024 elections. The study reveals that frontrunners in the presidential race, Joe Biden and Donald Trump, are open to considering CBDCs.
The backdrop to these discussions is Coinbase's active engagement in shaping crypto regulations. The company has been a consistent presence in Washington, lobbying for transparent regulatory guidelines for the crypto industry. Presently, Congress is contemplating bipartisan bills that could set the foundation for nationwide crypto regulations.
Armstrong also touched on the Securities and Exchange Commission's (SEC) potential leadership change in 2024 or later. He speculated on the possibility of a new chairperson succeeding Gary Gensler. It's noteworthy that the SEC had filed a lawsuit against Coinbase earlier in June, accusing it of violating security regulations, as they argued that some tokens available on the platform should be classified as securities.
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