According to Brian Armstrong, DC doesn't "fully realize how powerful the crypto voting community <...> is."
In a recent interview, crypto exchange Coinbase CEO Brian Armstrong cautioned that policymakers in Washington may be underestimating the influence of crypto-friendly voters in the 2024 US elections.
Armstrong recently spoke to Yahoo Finance, stressing that the voting bloc of crypto users could significantly impact the forthcoming elections.
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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?
According to Armstrong, the crypto user base in the United States is around 56 million, a figure he emphasized by comparing it to the smaller population of electric vehicle owners.
It’s 5x as many as have electric vehicles, just as an example. And we’re voters.
He argued that the disconnect between existing crypto regulations and the needs of the American people will thrust cryptocurrencies into the spotlight during the 2024 elections.
Prominent presidential candidates have already begun to articulate their stances on crypto. For instance, Florida Governor Ron DeSantis and Robert F. Kennedy Jr. have both expressed concerns over central bank digital currency (CBDC), citing issues related to privacy. Despite this, both candidates are running on a largely crypto-positive approach.
Coinbase itself has been active in advocating for clear cryptocurrency regulations. In July, Armstrong even met with Democratic lawmakers from the House of Representatives.
During an interview, Armstrong also pointed out that leadership change in the Securities and Exchange Commission (SEC) in 2024 could be another route for regulatory clarity. It is worth noting that in June, the SEC sued Coinbase over alleged violations of securities laws.
As the 2024 elections approach, Armstrong's remarks underline the rising importance of the crypto voter base in shaping political debates and, potentially, election outcomes. As the crypto community continues to grow, its voting power is an increasingly critical factor that politicians and policymakers can't afford to ignore.
