- Brian Armstrong sees Trump’s victory as a huge win for the crypto industry.
- Coinbase’s stock soared 31%, boosting Armstrong’s net worth by $2.1 billion post-election.
- SEC Chair Gary Gensler may be replaced, easing pressure on the crypto industry.
The 2024 U.S. presidential election, bringing Donald Trump back to the White House, has stirred new optimism within the crypto industry. With the Republican Party’s Senate majority and the prospect of Trump appointing new leadership at the Securities and Exchange Commission (SEC), digital asset supporters sense an opportunity for positive regulatory changes. Among these voices, Coinbase CEO Brian Armstrong offered a vision of a more supportive environment for digital currencies, reflecting a broader enthusiasm across the industry.
A New Day for Crypto in Washington
The crypto industry has been under constant legal attack, a situation Armstrong calls “lawfare.” This legal pressure is often directed by SEC Chair Gary Gensler who Trump may replace soon.
Crypto Market Reacts to U.S. Election with Major GainsFor years, crypto advocates have felt restrained by regulatory pressures that, in their view, hinder innovation. This concern has often centered around SEC Chair Gary Gensler, who, according to many in the industry, has taken a restrictive stance on digital assets, most notably through ongoing legal actions against companies like Coinbase. With Gensler’s replacement now a possibility under Trump’s administration, Armstrong and others see a chance to open the door to clearer, more constructive policies.
As the election dust settled, Armstrong noted the success of crypto-backed candidates across the nation. Of 58 congressional candidates supported by the Coinbase-affiliated PAC Fairshake, 46 emerged victorious. The alignment saw over $75 million in donations funneled toward pro-crypto candidates and was to fortify Capitol Hill with voices sympathetic to the industry.
Ohio’s Senate race captured this shift. Crypto advocate Bernie Moreno defeated Democrat Sherrod Brown, a strong critic of digital assets. Armstrong called it a “resounding victory.” With heavy backing from crypto PACs, Moreno’s win sent a clear message—“being anti-crypto is simply bad politics.”
Political and Financial Wins for Coinbase
Coinbase itself had a banner post-election day with its stock soaring 31% on Wednesday—its best trading day on record. Armstrong’s net worth ballooned by $2.1 billion as Coinbase shares rocketed. Echoing this urgency, Paul Grewal, Coinbase’s chief legal officer, took to X on election night to note that the SEC should “understand what has happened tonight.”
A Shift in America’s Economic Philosophy?
Armstrong describes this moment as pivotal, underscoring a broader push for “economic freedom” and a path that relies less on government intervention. Drawing on the principles of free-market thinking, he advocates for an America that rewards innovation and respects individual choice—ideals Armstrong sees as intrinsic to the potential of digital assets. For him, the push for crypto reform is not about partisanship but about a shared vision for economic advancement through decentralization and innovation.
