Cash News
- Coinbase CEO Brian Armstrong is expecting the next Congress to be the most crypto-friendly ever.
- He pointed to crypto’s increased relevance this election cycle and the many candidates perceived as pro-crypto.
- Armstrong said Coinbase would give $25 million to the crypto PAC Fairshake.
The 2024 election cycle has seen an upswell of political spending by the crypto industry, and Coinbase CEO Brian Armstrong is confident that lawmakers will be very friendly to the market next year.
The CEO of the biggest US crypto exchange said that he’s optimistic that the next Congress will be in his industry’s camp, no matter the outcome of the November 5 vote.
“No matter what happens in this election, it’s going to be the most pro-crypto Congress that we’ve ever had,” Armstrong said in a Wednesday interview with CNBC.
He pointed to the ways both Donald Trump and Kamala Harris have courted voters during their presidential campaigns and to the soaring number of congressional candidates who have received pro-crypto scores from Stand With Crypto.
The nonprofit, which evaluates candidates based on statements and sentiment regarding crypto legislation, has given A or B scores to 355 candidates running for federal office, Armstrong says.
That’s a stark contrast from just a few years ago when lawmakers seemed keen on reining the industry in, he says.
“I feel like the crypto industry was under siege and there was just a handful of folks in DC that were really trying to attack the industry. Today it couldn’t be more different,” Armstrong said.
He says that more support in Congress will help the US set up better protections for crypto investors and allow the industry to grow.
“I think that just means that the US is more likely to get legislation passed that will allow this industry to flourish, allow investors and consumers to be protected in the US,” he said.
Armstrong’s comments come as Coinbase funnels millions into Fairshake, a pro-crypto political action committee.
On Wednesday, Armstrong said Coinbase would pledge another $25 million, adding to the $70.5 million in donations from the exchange to the super PAC during this election cycle, according to campaign finance records.
In a post on X, Armstrong said the PAC will use the funding in the run-up to the 2026 midterms to elect pro-crypto candidates.
“We’re going to keep showing up to protect our customer’s rights and help get sensible legislation passed in major markets around the world,” Armstrong wrote in the post.
Fairshake has become one of the largest bipartisan PACs this election cycle, raising over $204 million. The crypto industry as a whole has spent massive amounts, outspending every other industry with almost $120 million injected into federal races as of August, according to OpenSecrets.
The funding push comes as crypto has become an increasingly important issue during the 2024 election cycle, with both presidential candidates looking to court the industry.
Trump has billed himself as the “crypto president,” speaking at industry events and even launching his own NFTs and a new crypto-banking platform.
Harris, while less vocal on her crypto position, pledged to support a regulatory framework for crypto during her Opportunity Agenda for Black Men earlier this month. Her pro-crypto stance would set her administration apart from President Joe Biden’s, which has pursued a strict regulatory agenda led by the Securities and Exchange Commission.