Election Results Bring Optimism for Crypto, Says Coinbase CEO

The 2024 U.S. presidential election has left many crypto advocates feeling hopeful about the future of digital assets. With Donald Trump potentially returning to the White House and Republicans gaining more power in Congress, there’s a belief that the crypto industry could see friendlier regulations.

A Big Win for Crypto Supporters

After the election results, many in the crypto world, including Coinbase CEO Brian Armstrong, are optimistic. They believe that Trump’s victory, combined with Republican control of the Senate, could lead to more clear and supportive rules for crypto. This has already had a positive effect on the market, with Bitcoin’s price jumping to over $75,000 as traders look ahead to potential changes in regulation.

One key issue is the possibility of Trump removing SEC Chair Gary Gensler, who has been criticized by the crypto industry for his tough stance on regulation.

Growing Support for Crypto-Friendly Policies

The election also showed a growing shift in support for crypto. For example, in Ohio, Republican Bernie Moreno defeated Senator Sherrod Brown, who had been a vocal opponent of crypto. This win is seen as part of a larger trend toward pro-crypto policies in U.S. politics.

Armstrong pointed out that this election reflects a broader desire for less government interference in the economy, something that could benefit the entire crypto industry.

Calls for Change at the SEC

Both Armstrong and Coinbase’s legal team are calling for changes at the SEC, especially when it comes to how crypto companies are treated. Trump has promised to replace Gensler early in his next term, which would be a major shift in how the SEC handles crypto. Many are hopeful that this could mean less aggressive enforcement and more clear rules for the industry.

If Trump follows through, Gensler’s term, which was supposed to end in 2025, could end much sooner than expected.