Coinbase CEO Optimistic About Pro-Crypto Policies Following Trump’s Victory

Following Donald Trump's win in the 2024 U.S. presidential race, there has been a noticeable shift in optimism within the cryptocurrency sector regarding future regulations.

With the Republican Party gaining control of the Senate and potentially securing a majority in the House of Representatives, industry figures are hopeful that Trump’s pro-crypto stance will lead to a more supportive environment for digital assets.

The day after the election, Bitcoin’s value soared past $75,000, reflecting the market’s growing expectations for regulatory clarity and potential legislative changes. Trump, who has consistently supported cryptocurrency, has hinted at replacing SEC Chair Gary Gensler, a move that many in the crypto space view as essential for advancing the industry’s interests.

Moreover, several key Senate races pointed to an increasing pro-crypto shift, with Republican Bernie Moreno defeating anti-crypto incumbent Sherrod Brown in Ohio. Over 250 pro-crypto candidates secured seats in the House of Representatives, marking what Coinbase CEO Brian Armstrong has referred to as “the most pro-crypto Congress ever.” Armstrong pointed out that this shift mirrors a wider push for economic freedom, as voters reject excessive regulation and seek more market-oriented policies.

As the industry pushes for reduced regulatory burdens, the SEC has become a focal point. Coinbase’s chief legal officer, Paul Grewal, has joined Armstrong in urging the commission to immediately begin rulemaking and cease its aggressive enforcement approach. Trump’s promise to end what he has described as the “anti-crypto crusade” of the Biden administration includes plans to remove Gensler from his post early in his second term, a move that could significantly impact the future of U.S. crypto regulation.