The disconnect between existing crypto policies and American requirements, according to Brian Armstrong, will make cryptocurrencies a major topic in the forthcoming elections.
Brian Armstrong, CEO of Coinbase, has predicted the role that cryptocurrencies will play in the forthcoming US elections, arguing that Washington, D.C. officials are unaware of the influence that the crypto community will have on the outcome of the contest.
“I don’t think everybody in DC actually fully realizes how powerful the crypto voting community block is. And I think 2024 is an election where the voters of America are really going to hold candidates’ feet to the fire and say, what is your position on crypto?,” Armstrong said during a recent interview with Yahoo Finance.
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Armstrong estimates that 56 million Americans have already used bitcoins. “As an illustration, there are five times as many as there are electric cars. And we cast our votes,” he added. According to him, cryptocurrencies will be a hot topic in 2024 because to the disconnect between present crypto policies and American requirements.
In fact, contenders for president are actively discussing cryptocurrencies. If elected president, Florida Governor Ron DeSantis has threatened to outlaw central bank digital currencies (CBDCs). Additionally opposed to researching the idea of a digital dollar is Robert F. Kennedy Jr. Kennedy Jr. and DeSantis both cited privacy issues as justifications for their stances. However, the candidates have chosen a crypto-friendly marketing approach.
A CBDC enthusiast most likely resides in the White House, according to a recent analysis by cryptocurrency asset manager Grayscale. Joe Biden and Donald Trump, who are leading their respective party’ presidential primary polls for 2024, are “favorable toward exploring CBDC,” according to the report.
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In Washington, D.C., Coinbase has been advocating for a precise regulatory framework for the cryptocurrency industry. Bipartisan legislation is already being discussed in Congress and could eventually establish regulations for crypto companies and users nationwide. However, Armstrong noted that there are other options available for crypto companies, citing the potential for a new chair at the Securities and Exchange Commission (SEC) in 2024.
He added, “I also think there’s a possibility we’ll just get a different chair in 2024 or beyond,” in reference to Gary Gensler’s potential replacement. The SEC filed a lawsuit against Coinbase in June, accusing it of violating securities laws and asserting that a number of tokens traded on the exchange were securities.
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