Coinbase CEO Highlights Potential Impact on 2024 Elections

Coinbase CEO Highlights Potential Impact on 2024 Elections

Crypto News – Coinbase CEO Brian Armstrong has presented a compelling argument against the political effectiveness of an anti-crypto stance for U.S. politicians in the 2024 elections. In a recent video release, he highlighted a statement from U.S. Senator Roger Marshall, revealing the American Bankers Association‘s (ABA) involvement in drafting the controversial Digital Asset Anti-Money Laundering Act, also dubbed the “crypto ban” bill. Armstrong pinpointed five key reasons why opposing crypto could be detrimental for politicians’ electoral prospects.

He began by noting that a significant portion of the population, approximately 52 million Americans, are crypto holders. He emphasized the belief among 38% of young people that cryptocurrency could be a catalyst for economic opportunities. Adding to this, he cited the impressive 90% rise in crypto prices year-to-date, contrasting sharply with the mere 9% of Americans satisfied with the current financial system.

Armstrong’s fifth point centered on the Stand With Crypto Alliance, a 501(c)(4) nonprofit. This organization, which advocates for the crypto industry among elected officials, is reportedly nearing a million supporters.

Senators Warren and Marshall now lobbying for big banks 🙃

Being anti-crypto is a really bad political strategy going into 2024

* 52m Americans have used crypto
* 38% of young people say crypto can increase economic opportunities
* just 9% of Americans satisfied with the… https://t.co/diawa3LOX5

— Brian Armstrong 🛡️ (@brian_armstrong) December 19, 2023

While Armstrong did not provide specific sources for his figures, they appear to align with data from a Coinbase report published in October 2023, primarily based on surveys by Morning Consult conducted in the latter half of 2023.

The Digital Asset Anti-Money Laundering Act, initially introduced in December 2022, seeks to impose stringent banking regulations on various aspects of crypto technology, including noncustodial wallets, validators, and mining pools in the U.S. As of December 2023, the bill has gained momentum with support from five more senators, three of whom are on the Banking Committee. The Bank Policy Institute, a prominent U.S. banking advocacy group, has also thrown its support behind the anti-crypto legislation proposed by Senator Elizabeth Warren.