In the current U.S. election cycle, the stance of candidates on cryptocurrency has become a focal point for the market. With a significant increase in political spending from the crypto industry, both major political parties in the U.S. appear to have shifted towards a more favorable view of digital currencies.
Coinbase CEO Brian Armstrong believes that the upcoming U.S. Congress will be the most crypto-friendly ever. Armstrong is optimistic that, regardless of the election results, lawmakers will support the cryptocurrency sector to an unprecedented degree. He attributes this prediction to both presidential candidates emphasizing support for crypto as part of their campaign strategies.
Former President Trump has branded himself as the "crypto president," actively engaging in crypto industry events and launching his own NFT and crypto banking platform. His opponent, Harris, though less outspoken, has also pledged to support a regulatory framework for the crypto market.
Armstrong highlighted the activities of Stand With Crypto, a non-profit organization that evaluated congressional candidates based on their statements and attitudes towards crypto legislation. This organization rated 355 candidates with favorable positions on crypto with A or B scores, indicating a significant rise in pro-crypto sentiment compared to a few years ago when regulation and control were more dominant.
According to Armstrong, the growing support from Congress will help establish better protections for U.S. crypto investors and allow the industry to thrive. He believes the shift indicates a higher likelihood of legislation benefiting the crypto market and shielding American investors and consumers.
These statements come as Coinbase has invested millions in Fairshake, a bipartisan political action committee supporting crypto-friendly policies. Fairshake has raised $204 million this election cycle, with Coinbase contributing $70.5 million to super PACs. Armstrong announced an additional $25 million commitment from Coinbase, with plans to support pro-crypto candidates up to the 2026 midterms.
Data from OpenSecrets reveals the extensive investment by the crypto industry in U.S. political campaigns, totaling nearly $120 million by August, surpassing other sectors.
