30s Summary

The 2024 US presidential election saw Donald Trump securing a second term, causing excitement in the crypto community. Alongside Bitcoin’s high spike, Brian Armstrong, CEO of Coinbase, which is expected to benefit from less regulatory control and more operational flexibility, sees America moving toward economic freedom. Furthermore, Trump’s proposed dismissal of Gary Gensler, SEC chair, could mean a fresh start for crypto entities that have previously faced action from the SEC. Additionally, the election of over 250 pro-crypto individuals in Congress further signals a more positive approach towards digital currencies.

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The 2024 US presidential election sure shook things up, especially for crypto. With Donald Trump now set for a second term in office, the world of crypto is expecting big changes.

After Trump claimed victory and the Republicans got control of the US Senate (and possibly the House of Representatives too), many crypto enthusiasts are feeling pretty positive. One of them is Brian Armstrong, the big boss at Coinbase. He’s hoping this change in power will be great news for the world of digital currencies.

The day after the election results, Bitcoin’s value spiked to over $75,000. Seems like everyone’s excited about the potential for new regulations and the possibility of new laws, not to mention changes at the US Securities and Exchange Commission.

With the Republicans now holding the Senate, and Trump being generally cool with crypto, the future for crypto could be pretty bright in the US. Especially if Trump comes through on his promise to kick out SEC Chair Gary Gensler.

Just look at Ohio – Republican Bernie Moreno just got in, replacing Sherrod Brown who wasn’t exactly a fan of crypto. This change in power shows a new, more positive attitude towards crypto policy. In fact, Armstrong reckons the boost from crypto advocates like Moreno was a big part of why he beat out Brown.

What’s more, over 250 pro-crypto people were elected for the House seat, creating, as the Coinbase CEO puts it, “the most pro-crypto Congress ever.”

Armstrong posted about the election results’ impact on the crypto industry, saying that people voting in favor of economic freedom shows they’re getting tired of too much regulation. In his opinion, America is heading towards a system based on limited government, rule of law, meritocracy, fiscal discipline, and respect for the free market. He, along with other heads of centralized crypto exchanges, see potential benefits such as less regulatory control, and more flexibility in operations.

He also had backing from Paul Grewal, Coinbase’s top legal person, on another issue. He wants the SEC to “stop suing crypto” and to start making new rules.

Trump, saying he’ll bring unity to the nation and end the “anti-crypto crusade” of the previous administration, plans to sack Gensler as soon as he takes office. If Trump follows through, Gensler’s tenure, which was supposed to run until April 2025, will be cut short. Gensler has been in charge during the SEC’s actions against Coinbase, MetaMask, Uniswap, and others. If he goes, this could mean a fresh start for these and other crypto players.