Cryptocurrency’s looming influence on political landscapes is making waves as Coinbase CEO, Brian Armstrong, recently underlined the powerful crypto voting possibilities. Armstrong claims that Washington, D.C. has yet to fully comprehend the sway the growing cryptocurrency community can have in decision-making processes, namely elections.
The crypto guru prophesied that the gap between current crypto policies and American requirements will transform cryptocurrencies into a hot-button issue during the forthcoming 2024 elections. He argued that approximately 56 million Americans have already experimented with digital currency – a number notably five times larger than those who possess electric vehicles. Indeed, the quest for an easily understandable regulatory framework in the crypto sector has found Coinbase actively lobbying in Washington.
The candidatures emerging for the upcoming presidential run have engaged openly with the subject of cryptocurrency, both in its potential benefits and threats. Contenders running the race, like Florida’s Governor, Ron DeSantis, and Robert F. Kennedy Jr., have expressed their reluctance towards exploring a digital dollar, majorly prompted by privacy infringements. While these candidates still embrace a crypto-friendly campaign strategy, they have pledged to address citizens’ privacy concerns.
Grayscale, a leading crypto asset manager, recently published a report suggesting that the White House’s next occupant is likely to be a CBDC (central bank digital currencies) supporter. The frontrunners in the presidential polls, Joe Biden and Donald Trump, have both displayed curiosity in exploring the possibility of a CBDC.
However, not every road to clarity depends on policy alone. Armstrong referenced the potential induction of a new chair at the Securities and Exchange Commission (SEC) come 2024 as another path to establishing comprehensive rules for crypto companies and users nationwide. It is noteworthy that Coinbase and the SEC have had their legal skirmishes in earlier occasions regarding securities’ nature traded on the exchange.
While Armstrong’s predictions underscore the importance of awareness and dialogue on the intersection of cryptocurrency and politics, it remains to be seen whether or not his path forward will resonate with lawmakers and potential presidents. As the crypto sphere and its community continue to expand, it will indeed push cryptocurrencies from a niche sector to mainstream political discourse.
Source: Cointelegraph
