Coinbase CEO Brian Armstrong faces political risk as Democrats eye midterm sweep

Prediction markets favor a Democratic Congress, which could bring hearings and scrutiny for an industry that spent heavily to keep Washington friendly Brian Armstrong spent the last election cycle helping build one of the most aggressive political operations in American business. Now the Coinbase CEO is watching the scoreboard heading into the final whistle, and the odds are not leaning his way. Axios named Armstrong among six executives with the most riding on Tuesday’s midterm results. With Democrats heavily favored to retake both the House and the Senate, the crypto industry’s carefully cultivated Washington could look very different by Wednesday morning. The odds, the money, and the stalled bill Prediction markets give Democrats approximately 90% odds of flipping the House. Their chances in the Senate sit at over 60%, according to the same markets. That matters because control of Congress means control of committees. Committees decide who gets subpoenaed, which bills get a hearing, and which quietly disappear. Crypto has not been a passive bystander. The industry has spent over $176 million supporting pro-digital asset candidates across more than 100 races this cycle, with Coin...