Coinbase CEO Brian Armstrong believes that the 2024 US presidential election could play a crucial role in regulating the crypto industry.
The prospect of increased regulatory clarity
As the 2024 US presidential election approaches, crypto is looming large in the debates. A recent poll, initiated by Michael Saylor, CEO of MicroStrategy, on Twitter on May 27, highlighted overwhelming voter support for Bitcoin recognition in this election, with a high percentage of 87%.
This Thursday, June 22, during a conference in New York, Armstrong pointed out that the recent lawsuit filed by the Securities and Exchange Commission (SEC) against Coinbase could potentially bring increased regulatory clarity for the industry. He also discussed the political implications and the possibility of a change in approach in the administration and the SEC.
” Frankly, the 2024 election is also a factor here. (…) It’s kind of politically unpopular to be anti-crypto right now, and we’re going to potentially see a shift here, whether it’s in the administration, the parties, or the SEC chairman.»
Legal suspense and political stakes!
The ongoing SEC lawsuit against Coinbase and Binance is generating a lot of interest within the crypto community. According to Brian Armstrong, the courts could play a vital role in clarifying the technical issues surrounding the classification of digital assets as commodities or securities.
” As As we have seen with other law enforcement actions, we are currently engaged with the SEC in a civil case that raises a technical issue: the distinction between a commodity and a security. The courts can help clarify this issue.»
Additionally, Brian Armstrong highlights the fact that Coinbase does not face the same challenges as other platforms, such as accusations of illegal trading, mixing of funds or personal involvement of executives.
“The other problem we see is different. There are criminal cases. There are trade allegations [illégal], mix of funds, personally named executives and CEOs. None of this is really a problem at Coinbase. »
In addition to legal developments, Coinbase is also seeking public support for its cause. On May 22, the platform broadcast a TV advertising aimed at confronting what she sees as a ” naive view » digital assets.
There is growing evidence that the issue of crypto has become a major issue in political campaigns, especially among challengers to major presidential candidates.
For example, Florida Governor Ron DeSantis, a Republican presidential candidate, recently kicked off his campaign saying he would protect bitcoin if he won the election.
Likewise, on the Democratic side, Robert F. Kennedy Jr. has expressed his support for the queen of cryptos. This trend is also supported by influential figures in the crypto community such as Jack Dorsey, the former CEO of Twitter, who has publicly expressed his support for the Democratic candidate.
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