Brian Armstrong says that the US presidential election in 2024 could be a turning point for the crypto market
CEO of the crypto platform Coinbase Brian Armstrong expressed the opinion that the US presidential election next year could be a turning point for the entire industry. He believes that the litigation against the SEC can result in more transparency in the regulatory process of the crypto industry, as the case will eventually go to court.
“Honestly, the 2024 election is also a big factor. Now it is politically unpopular to oppose the crypto industry,” the entrepreneur noted and recalled the SEC lawsuit against the competing Binance platform. “Since we saw that there were lawsuits against Coinbase, I must remind people: we are working with the SEC and in a civil case. This is a kind of technical question about what is a commodity and what is a security. The courts can help clarify the issue.”
Coinbase filed a petition with the US Securities and Exchange Commission back in mid-2022. The company demanded that the SEC clarify the powers of the regulator that controls the digital asset industry.
The key question is whether the current regulatory framework for securities covers the cryptocurrency market. However, the appeal of Coinbase was ignored and the exchange went to court, and also redirected the petition to the commission more than once.
As a result, the SEC promised to respond to the company’s appeal within 4 months.
And US presidential candidate Robert Kennedy Jr. again promised to support bitcoin if the politician wins the next election. He noted that as president, he plans to advocate only minimal control of digital assets as part of the adoption of measures to prevent money laundering.
“I will make sure that we have a policy that supports bitcoin and freedom of transactions, and allows people to manage their bitcoin wallets and passwords,” said Robert Kennedy Jr.
Interestingly, the politician actively opposes digital assets issued by central banks, due to the fact that “they are tools of control and oppression, and they will certainly be abused.”
