Coinbase CEO Brian Armstrong isn’t sugar-coating anything. With a growing stash of grievances against the U.S. Securities and Exchange Commission (SEC), Armstrong wants the next SEC chief to make amends for what he deems “regulatory carnage” on the crypto ecosystem. On October 29, Armstrong unloaded a timeline showing the SEC’s chaotic flip-flops—from defining crypto as securities to deciding who gets the regulatory hammer and who doesn’t.
The stakes are high, says Armstrong, who demands an apology from the future SEC chair. But he isn’t stopping there. He wants an entire sweep of “baseless” legal brawls targeting crypto out of the playbook, even if it’s a long shot. The Coinbase exec made clear that without this reset, “public trust in the government won’t get far off zero.”
Pushing for Pro-Crypto Candidates, Playing the Senate Cards
Armstrong’s moves have put the spotlight on Senate races, endorsing candidates like former Bridgewater honcho David McCormick and XRP’s legal bigwig John Deaton. In an October 20 post on X, Armstrong backed McCormick as “the better crypto candidate” for Pennsylvanians. Not forgetting Massachusetts, he’s urged voters to sideline Elizabeth Warren for Deaton, whom he praises as a more crypto-friendly replacement.
According to Armstrong, Warren bears much of the blame, as she’s allegedly the architect behind getting SEC Chair Gary Gensler his spot. Armstrong’s argument? Warren’s reportedly been the driving force behind Gensler’s alleged mission to “stamp out crypto in America.” For Armstrong, putting Deaton in the Senate isn’t just a win for XRP—it’s a play to shift the power balance on crypto regulation.
Election Twist: Trump’s Crypto-Friendly SEC Wishlist
Armstrong has been mum on who he’d like for president, but with Trump promising to fire Gensler “on day one” if he’s re-elected, the crypto community is buzzing. Trump wants an SEC chief who’s more about “building the future, not blocking it.” That’s been music to the ears of pro-crypto advocates who feel the current SEC has gone rogue.
Trump has tossed around names like Robinhood’s legal chief Dan Gallagher, a former SEC commissioner from 2011-2015, as a potential Gensler replacement. Gallagher, who’s known for a lighter regulatory touch, seems like Trump’s top pick for a crypto-tolerant SEC. Other names floating around include former SEC General Counsel Robert Stebbins, crypto advocate Commissioner Hester Peirce, and ex-CFTC chair Chris Giancarlo. The buzz? Each has a history of crypto-friendliness, aligning with Armstrong’s call for a regulator who isn’t out to “decimate the industry.”
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