Coinbase CEO Brian Armstrong has called out SEC Chairman Gary Gensler and Senator Elizabeth Warren as the reason for Democratic ticket hopeful, Kamala Harris losing the 2024 US presidential election.
Brian Armstrong’s comments indicate that the Biden administration’s regulation of cryptocurrency, spearheaded by Gensler and Warren, damaged the Democratic Party’s chances at the polls.
Coinbase CEO Stance on Gary Gensler & Senator Warren
In an X (formerly Twitter) post, Coinbase CEO Brian Armstrong highlighted how the actions of SEC chair Gary Gensler and Senator Elizabeth Warren negatively affected the crypto space which was backed by tech industry and young people. Armstrong stated that the rigidity of the stance on cryptocurrency especially the regulation environment under Gensler made many innovators and tech supporters turn against the Biden administration.
Armstrong said that Senator Warren and Chairman Gensler attempted to “unlawfully kill our entire industry” claiming that there has been a clear effort to undermine the operations of crypto businesses and by extension technological advancement. He noted that the very crackdown on Ripple and other firms eroded the support of the voters who voted for cryptocurrency as a tool for economic growth and freedom especially among the young people and technology influencers.
The discussion escalated when personalities like Marc Andreessen, founder of Mosaic web browser, and Elon Musk expressed similar opinions. Andreessen mentioned the issue of debanking which affects many tech and crypto business people, pointing out that about 30 tech founders have been barred from banking services otherwise related to their business activities. Elon Musk, who has made numerous statements on various political topics, shared his thoughts on the matter on Twitter, pointing at the possible involvement of financial institutions and regulatory authorities in aiming at innovative industries such as cryptocurrencies.
Role of Elizabeth Warren in Crypto Regulation
Cryptocurrency has always been a subject of concern for Senator Elizabeth Warren. She has called for more stringent measures in the industry due to concerns over customer protection and sustainability.
Nevertheless, according to Brian Armstrong and others, her policies have been detrimental for the overall tech industry. They accused Warren of creating a culture of regulation overreach that hampered innovation and discouraged investment from young entrepreneurs and tech startups that were crucial to the party.
Some of the critics of Warren have accused her of being against the growth of decentralized cryptocurrencies, especially among those who view it as a means of advancing financial inclusion and economic freedom. From Armstrong’s perspective, the adverse impacts of this regulatory environment seem to have potentially influenced a shift in voter perception, and therefore affected the Democratic Party in the election that led to the victory of Donald Trump.
Armstrong’s social media posts also included a warning for the Democratic Party:
“The Democratic Party should realize Warren is a liability and further distance themselves if they want to have any hope of rebuilding.”
Meanwhile, with SEC Chair Gary Gensler stepping down from his position on January 20, 2025, and Trump’s administration planning to create a dedicated position to oversee crypto policy, hopes of better crypto regulations have risen significantly.
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