Brian Armstong, the CEO of Coinbase crypto exchange, emphasized the significance of crypto voting blocks in the upcoming 2024 United States elections. He believes that politicians are not fully aware of its importance.
In a recent interview with Yahoo Finance at the Goldman Sachs community and tech conference, he stated, “I don’t think everybody in DC actually fully realizes how powerful the crypto voting block is.”
“And I think 2024 is an election where the voters of America are really going to hold candidates’ feet to the fire and say, what is your position on crypto?”
With the crypto sector facing a lack of proper regulations globally, Armstrong outlined three ways in which cryptocurrencies can be regulated in the United States – through the courts, Congress, and the CFTC.
He stated that regulations on cryptocurrencies are already taking place worldwide, highlighting countries such as the UK, Canada, Brazil, Australia, and the UAE as being forward-thinking.
“83% of the G20 countries now have this crypto legislation either already in place or in progress.”
Armstrong also mentioned that approximately 56 million Americans have used cryptocurrencies like Bitcoin (BTC) or Ether (ETH), which is significantly more than the number of people using electric vehicles. He emphasized the importance of these crypto users as voters.
Furthermore, he acknowledged that certain US politicians, including current presidential candidates, have been discussing cryptocurrencies and have expressed positive views on the sector. However, he noted that these crypto-friendly politicians do not fully understand the desires of the American people and view it as an opportunity to challenge the status quo.
“And so, I think this could become a hot topic in the presidential race in 2024.”
Flatcoins – Next Iteration of Stablecoins
In addition, Armstrong discussed his company’s future plans. Coinbase is currently investing heavily in its derivatives platform and is focused on scaling blockchains through its recently launched Layer 2 solution, base.
“I mentioned that internationally and then in the US as well. So, we’ll keep pushing on a few of those.”
Armstrong mentioned the possibility of flatcoins as a new development. The Coinbase team is already working on it, although they have not yet built anything in that realm. Armstrong expressed the exchange’s interest in flatcoins.
“I talked about flatcoins, which is kind of the next iteration of stablecoins that’s more maybe linked to consumer price index (CPI) or purchasing power.”
The concept of flatcoins involves pegging a stablecoin in a way that it maintains its purchasing power over an extended period. This idea has been discussed by crypto influencers including Armstrong, former Coinbase CTO Balaji Srinivasan, and Ethereum creator Vitalik Buterin on Twitter (X).