The CEO of Coinbase Global Inc. (NASDAQ:COIN), Brian Armstrong, highlighted a notable shift in political support for cryptocurrencies, ruling out disproportionate support from any one particular party.

What Happened: During the company’s second-quarter 2024 earnings call, Armstrong was asked about the shifting dynamics in the U.S. political landscape with regards to cryptocurrencies, and whether he foresees more problems for the industry if Democrats secure another term.

Armstrong replied by saying that cryptocurrency is a non-partisan issue, and advocates from both sides of the political spectrum have championed its cause.

We feel very lucky that this political constituency is now being taken seriously in D.C.,” the billionaire CEO stated. “I think it was a group of people that felt underserved in the past, and they felt like their industry was being attacked. And that’s—we’ve seen a shift from both sides.”

The Coinbase CEO’s remarks follow former President Donald Trump’s positive comments about cryptocurrencies at Bitcoin Nashville. Armstrong views this as a sign of a “monumental shift” in the political constituency’s perception of the crypto industry.

See Also: Dogecoin’s Real Bull Run Has ‘Not Even Begun Yet,’ Says Trader As Memecoin Battles Stagnation

Why It Matters: Armstrong’s comments come after investment bank Citi upgraded shares of the cryptocurrency exchange , from neutral to buy last week, anticipating an improved regulatory landscape for cryptocurrency assets in the U.S.

Coinbase reported its Q2 earnings Thursday, which revealed a revenue beat despite a fall in transaction revenue. Bitcoin (CRYPTO: BTC) accounted for 35% of the total trading volumes and 31% of transaction revenues in the quarter.

Interestingly, before the earnings release, Cathie Wood-led Ark Invest dumped 12,077 shares in Coinbase from its ARKW ETF, amounting to a sale value of roughly $2.7 million.

Price Action: The Coinbase stock pumped 3.23% in after-hours trading. Shares of the company closed 5.22% lower at 212.64 during Thursday’s regular session.

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