Brian Armstrong, the head of Coinbase, emphasized the influential role of crypto voters in the 2024 U.S. elections. He feels that many politicians underestimate the impact of this voting demographic.
During a recent conversation with Yahoo Finance at the Goldman Sachs community and tech event, Armstrong remarked, “I believe many in DC are yet to grasp the full potential of the crypto voting segment.”
He further speculated, “By 2024, American voters will significantly scrutinize candidates based on their stance on cryptocurrencies.”
Amidst global uncertainty over cryptocurrency regulations, Coinbase’s Brian Armstrong highlighted three potential avenues for regulating cryptos in the U.S.: the judiciary, Congress, and the CFTC.
Observing the global landscape, Armstrong pointed out that regulatory moves concerning cryptocurrencies are already underway in several countries. He cited nations such as the UK, Canada, Brazil, Australia, and the UAE as being progressive in their approach.
He emphasized, “Currently, 83% of G20 nations have either established cryptocurrency regulations or are in the process of crafting them.”
Armstrong expanded on the adoption of cryptocurrencies by highlighting that an estimated 56 million Americans have engaged with prominent cryptocurrencies like Bitcoin (BTC) or Ether (ETH). Drawing a comparison, he mentioned, “That’s five times the number of Americans who own electric vehicles, just to put it in perspective. And remember, we’re also voters.”
He observed that certain U.S. politicians, including some current presidential candidates, have been addressing the topic of cryptocurrencies. Their remarks on the industry have largely been favorable.
However, while these crypto-advocating politicians may not completely align with public sentiment, they view the digital asset domain as a compelling area to explore and potentially challenge prevailing norms.
Concluding his thoughts, Armstrong speculated, “Given the momentum, the subject of cryptocurrencies might very well become a central issue in the 2024 presidential campaign.”
Flatcoins – Next Iteration of Stablecoins
Brian Armstrong delved into Coinbase’s upcoming projects and focus areas. Following the recent introduction of ‘base’, a Layer 2 solution aimed at aiding blockchains in scaling more efficiently, the company is heavily investing in its derivatives platform.
He noted, “We’re actively pushing this platform both internationally and domestically.”
Armstrong also touched upon “flatcoins,” describing them as emerging trends in the crypto world. While several teams within Coinbase are engaged in exploring this domain, he clarified that they haven’t begun development in that direction. Nonetheless, he affirmed Coinbase’s keen interest in flatcoins.
Brian Armstrong discussed “flatcoins” as a potential evolution of stablecoins, with a unique characteristic: they might be tied to measures like the Consumer Price Index (CPI) or other markers of purchasing power.
The concept behind a flatcoin is to anchor a stablecoin in a manner that preserves its purchasing power over extended durations. This idea isn’t isolated to Armstrong; other prominent figures in the crypto community, such as Balaji Srinivasan (Coinbase’s former CTO) and Ethereum’s creator Vitalik Buterin, have also deliberated on this topic, as evidenced by discussions on platforms like Twitter.