Crypto's Potential Influence on the 2024 Presidential Elections

Crypto's Potential Influence on the 2024 Presidential Elections

Brian Armstrong's Take on Crypto's Electoral Influence.

The influential Coinbase CEO, Brian Armstrong, has disclosed his insights into the possible future impact of cryptocurrency on the political landscape in the U.S. elections set for next year. Armstrong suggests that political figures in Washington, D.C. may be underestimating the potential influence of the increasingly powerful crypto-voter demographic.

Speaking in discussion with Yahoo Finance, Armstrong expressed his view that the upcoming 2024 elections may see their constituents demand more clarification on the candidates' crypto policies. He pointed out that there are nearly 56 million people within the U.S. already utilizing cryptocurrencies.

He drew an interesting comparison, stating that the number of crypto users is five times greater than the number of electric vehicle owners. Armstrong sees this demographic gap between crypto policies and the needs of the American public as potential for making cryptocurrencies a dominant subject in the next presidential race.

Presidential Candidates' Stance on Crypto

High-profile political figures running for the presidency and other offices have already started discussing their crypto stances. Governor Ron DeSantis of Florida and Robert F. Kennedy Jr. are setting the pace, each expressing reservations about central bank digital currencies (CBDCs) based on issues related to privacy.

However, both Kennedy Jr. and DeSantis are strategizing with a crypto-friendly approach to their campaigns. Meanwhile, most recent analysis from Grayscale, a leading crypto asset manager, suggests the frontrunners from the Republican and Democrats for the presidential seat could both suport the exploration of CBDCs.

Lobbying for Crypto Regulations and Likely Changes at the SEC

Coinbase has been actively advocating for comprehensive regulatory guidelines for the crypto industry in Washington, D.C. Crypto-based bills are being explored and debated in Congress to provide structural clarity for crypto firms and users nationally.

But Armstrong sees that changes may come beyond legislation. He suggests the potential for turnover at the leadership level of the Securities and Exchange Commission (SEC) in 2024. Coinbase had a run-in with the SEC last year over security law violations concerning token trading on the exchange.