2024-11-8 16:00 |
The crypto industry had a remarkable night, with pro-crypto candidates winning key races, which sent investor confidence—and stock prices—soaring.
Coinbase shares skyrocketed by 30% on Wednesday, marking the best day on record for the company. Investors are cheering Coinbase’s successful efforts to back candidates who support cryptocurrency, signaling a more favorable political landscape for the industry.
Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, remains the company’s largest shareholder. He owns over 34.8 million Class A and Class B shares. With the stock’s dramatic rise, his stake increased in value by about $2.1 billion on Wednesday alone, bringing his total holdings to nearly $9 billion.
Source: Yahoo
Crypto-Friendly Candidates Win Big“Being anti-crypto is simply bad politics,” Armstrong wrote in a post on X after Ohio Republican Bernie Moreno was declared the winner in his state’s Senate race over incumbent Democrat Sherrod Brown. In a longer post on Wednesday, Armstrong stated, “No matter how you slice it, this election was a huge win for crypto.”
Bitcoin also experienced a significant boost, jumping over 9% to reach a record high of over $76,400, according to Brave New Coin’s Bitcoin liquid Index. A Coinbase spokesperson declined to comment further, but the market’s reaction speaks volumes about investor sentiment.
Coinbase’s political action committee, Fairshake, reported that out of the 58 candidates it supported, 46 won their races, with 12 contests still undecided. The company had invested heavily in backing pro-crypto politicians, aiming to create a more favorable regulatory environment for the industry.
Some $40 million of crypto funds were directed at unseating Sherrod Brown, the chairman of the Senate Banking Committee. One PAC funded five ads to raise the profile of Bernie Moreno, a blockchain entrepreneur who was relatively unknown before the race.
The Stand With Crypto Alliance, launched by Coinbase last year, gave Brown an “F” grade while awarding Moreno an “A.” Moreno flipped the seat, securing 50.3% of the votes compared to Brown’s 46.3%. His victory contributed to the Republicans gaining a majority in the Senate, alongside Republican nominee Donald Trump’s win in the presidential election.
“I am so grateful to Ohioans for their resounding support in this race[…] I look forward to working with the new Republican Senate majority to fix our economy, secure our border, and return to American strength at home and abroad,” said Moreno.
Armstrong’s Growing Political InfluenceDespite the crypto industry’s significant backing, Moreno’s statement did not mention cryptocurrency. For Armstrong, however, politics has become an integral part of his role as he seeks a friendlier Washington and more accommodating regulations.
Securities and Exchange Commission Chair Gary Gensler sued Coinbase last year, alleging that it sells unregistered securities. A judge has since ruled that a jury should hear the case. Coinbase has been fighting back vigorously and has expressed a desire to collaborate with regulators to establish appropriate laws for the emerging industry.
Armstrong’s trips to the nation’s capital have grown steadily. Early visits happened only occasionally, later shifting to a quarterly routine, and now occurring with even greater frequency. Initially, few people understood cryptocurrency, according to Armstrong’s reflections on past trips. Currently, the focus has shifted toward establishing clear guidelines and crafting effective legislation within the U.S.
In the 2024 election cycle, Coinbase emerged as one of the top corporate donors, contributing more than $75 million to Fairshake and its affiliated PACs. The company has also pledged an additional $25 million to support the pro-crypto super PAC in the 2026 midterms. Armstrong personally donated over $1.3 million to a mix of candidates at various levels.
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