Coinbase CEO Brian Armstrong believes that the upcoming U.S. presidential election in 2024 could have a significant impact on the crypto industry.
During a conference in New York, Armstrong expressed his view that the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Coinbase could potentially lead to increased regulatory clarity for the industry as the case progresses through the courts.
Coinbase CEO highlights crypto political climate
Armstrong highlighted the political climate surrounding cryptocurrencies, noting that it is currently politically unpopular to be anti-crypto. He suggested that changes may occur in the administration, political parties, or the leadership of the SEC, which could influence the regulatory landscape.
Armstrong also made reference to the SEC’s lawsuit against Binance, pointing out the differences between Coinbase’s civil matter with the SEC and the criminal allegations against other entities. He emphasized that such issues were not a concern for Coinbase.
Coinbase has been engaged in a protracted dispute with the SEC, initially suing the regulator to push for clear regulations in the digital asset industry. In response, the SEC filed its own lawsuit against Coinbase, accusing the exchange of violating securities law.
In addition to legal proceedings, Coinbase has been actively seeking public support for its cause. Last month, the exchange aired a TV advertisement challenging what it perceives as a “naive view” of digital assets. Crypto policy is starting to gain attention as a campaign issue, particularly among the contenders challenging the frontrunners in the race.