Coinbase CEO: US Election is a Key Moment for Regulation of Crypto Industry

Brian Armstrong, CEO of US crypto exchange Coinbase, believes that the upcoming 2024 US presidential election could drastically change the legal status of the crypto industry.

He has expressed his opinion at a conference in New York, citing the recent SEC process against Coinbase.

Armstrong has gone on to discuss the political unpopularity of opposing cryptocurrencies and the court’s potential to clarify whether they constitute an asset class.

The SEC filed lawsuits against Coinbase and Binance in June, to which Coinbase General Counsel Paul Grewal responded that the agency does not have the power to ban decentralized platforms without clear authorization from Congress.

Jack Dorsey, CEO of Block, has shown his support for Robert Francis Kennedy Jr., a pro-digital assets presidential candidate, who declared that they offer an alternative to the traditional financial system.