The investors are keeping a close track of the US election, while Coinbase execs highlighted the growing influence of crypto in the political landscape this year. CEO Brian Armstrong pointed towards how pro-crypto sentiment is hovering in the market, while CLO Paul Grewal urges the US SEC to change its stance on digital assets now.
Meanwhile, these comments come just as the Republicans had a victory in the US Presidential Election in 2024, sparking market optimism.
Coinbase Execs Highlights Growing Crypto Influence
Coinbase CEO Brian Armstrong, in a recent X post, highlighted the significant surge in pro-crypto support within the Congress. The CEO shared that 205 pro-crypto candidates were elected to the House Of Representatives, outnumbering the 99 who oppose crypto. The Senate also saw a similar trend, with more pro-crypto senators gaining traction as compared to anti-crypto lawmakers.
Notably, Armstrong’s post spotlights the bipartisan appeal of digital assets among voters. “Welcome to the new members of America’s most pro-crypto Congress ever,” he wrote, noting that Americans across party lines are increasingly vocal about their desire for crypto-friendly regulations. This has also fueled speculations over the US SEC’s potential stance under the Republican administration.
He further added that the presence of crypto allies in Congress paves the way for long-awaited regulatory clarity in the digital assets space. This sentiment has been echoed by market analysts who argue that the election outcome could signal the beginning of a new era for crypto legislation in the US.
With Republicans in control of the Senate, there may be heightened pressure on regulatory bodies to clarify and streamline crypto policies. Meanwhile, a Stand With Crypto data highlights the pro-crypto and anti-crypto politicians in the US.
Will the US SEC Start Dropping Crypto Lawsuits As Donald Trump Wins?
Donald Trump’s victory in the US election has sparked optimism among investors. The market participants were already leaning towards the digital assets before the result, as evidenced by the rally of Bitcoin price to its new ATH today.
However, with Trump winning the presidential race, speculations have swirled if the US SEC would change its anti-crypto stance. Previously, Donald Trump has publicly voiced against the regulatory overreach of the US SEC towards the crypto sector. Besides, he even said that he would fire the agency Chair Gary Gensler if elected, which has caught the eyes of the investors.
Considering that many now expect a clear regulatory path for the crypto ahead, which might also push the crypto prices higher. Notably, Paul Grewal, Coinbase’s Chief Legal Officer, has urged the SEC to reevaluate its stance on cryptocurrency, especially given the election’s implications.
In a post on X, Grewal asserted that voters are calling for change across multiple issues, including crypto. He advocated for dialogue over litigation in his social media post and wrote:
I hope SEC understands what has happened tonight. On many, many issues, the voters said loud and clear that they want change. Crypto is no exception.
Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait.
Grewal’s call for cooperation between regulatory bodies and the crypto industry reflects a broader frustration within the sector. Coinbase, among many other firms, has faced regulatory challenges that, they argue, stifle innovation and put the US at a competitive disadvantage globally.
Having said that, speculations are increasing if the US SEC will turn crypto-friendly and start dropping the ongoing lawsuits under Trump’s presidency. Ripple CEO Brad Garlinghouse also shared a similar sentiment recently, gaining investors’ attention.
Notably, the Coinbase CLO stressed that the US SEC’s current litigation-heavy approach needs to pivot towards establishing clear regulatory frameworks that foster industry growth. Now, the Republican victory adds weight to Grewal’s remarks, as the party’s control could lead to increased scrutiny of the SEC’s crypto policies.
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