The 2024 U.S. presidential elections could prove a turning point for the crypto industry and its legal status. This view was stated by Coinbase CEO Brian Armstrong.
During a conference in New York, the top executive noted the possibility of regulatory clarity for digital assets due to the recent case by the U.S. Securities and Exchange Commission (SEC) against the trading platform.
«It’s politically unpopular to speak out against cryptocurrencies at the moment, and we could potentially see changes here, whether in the administration, the parties, or the SEC chairman», he explained.
In Coinbase chief’s view, a court could clarify whether cryptocurrencies belong to a particular asset class.
In June the SEC filed lawsuits against Binance and Coinbase. In the latter, they refused to change their business model amid proceedings with the Commission.
Chief Legal Officer Paul Grewal reacted to the regulator’s proposal to expand the definition of an exchange to DEX. He said that the agency’s powers “do not include the authority to ban [decentralized platforms] in the absence of clear Congressional authorization”.
Block founder Jack Dorsey expressed support for US presidential candidate Robert F. Kennedy Jr., who has campaigned for digital assets. In April, the candidate stated that bitcoin and other digital assets serve as an alternative to the traditional financial system.