Source: Caixin.
Author: Xia Junxiong.
Coinbase CEO Brian Armstrong predicts that the next US government will have a constructive attitude towards cryptocurrencies regardless of which party wins.
Cryptos have long been viewed as a high-risk industry and subject to strict scrutiny by regulatory institutions, but this situation has recently changed.
On Thursday (August 2nd local time), Brian Armstrong, CEO of Coinbase, the largest crypto exchange in the United States, predicted that the next US government will have a constructive attitude towards cryptocurrencies regardless of which party wins.
Coinbase released its Q2 2024 financial report on Thursday. The report showed that Coinbase's Q2 revenue was $1.45 billion, up 104.8% year-on-year, exceeding analysts' expectations of $1.39 billion; Q2 trading revenue was $0.7809 billion, and analyst expectations were $0.7451 billion; Q2 net income was $36 million, with an EPS of $0.14.
Cryptocurrencies have long been considered a high-risk industry and subject to strict regulatory scrutiny, but this has recently changed. With Wall Street institutions increasingly focusing on cryptocurrencies, U.S. regulators have approved cryptocurrency funds, increasing their mainstream appeal. Both the Republican and Democratic parties are beginning to recognize the growing influence of this industry.
Armstrong said on a conference call after the financial report that as an important voting group, cryptocurrency advocates are making their voices heard, and both parties in the political arena have taken note, with growing momentum for comprehensive cryptocurrency-related legislation.
The three major super PACs that support cryptocurrencies, Fairshake, Defend American Jobs and Protect Progress, have raised more than $230 million to support friendly candidates.
Republican presidential candidate Trump said last week that if he returns to the White House, he will ensure that the government retains 100% of its bitcoin holdings and would list bitcoin as a strategic reserve asset of the United States.
Media reports claim that U.S. Vice President and Democratic presidential candidate Harris's advisors have also been in contact with top cryptocurrency companies to improve relations between the two parties.
AJ Bell investment analyst Dan Coatsworth said: "Donald Trump supports cryptocurrencies, and if he wins, theoretically it would be good for the industry. We don't know Kamala Harris's stance yet, but there are reports that she may take a more moderate position than Joe Biden.
Last month, the U.S. Supreme Court overturned the so-called "Chevron deference," significantly reducing federal administrative agencies' authority to interpret the laws they enforce, which analysts believe is beneficial to the cryptocurrency industry.
Coinbase is currently in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC sued Coinbase for being an unregistered broker last March. Coinbase then launched a countersuit in April of last year.
Armstrong praised the Supreme Court's actions and said, "We believe this case is a sign of the Supreme Court's suspicion of institutional overreach, which is positive for our industry as a whole."
Editor/Jeffy