Coinbase Global Inc. CEO Brian Armstrong remarked on Tuesday that former United States President Joe Biden and his administration created a "hostile environment" for cryptocurrencies.

Speaking at a World Economic Forum (WEF) crypto panel, the Coinbase CEO expressed optimism that Biden's successor, Donald Trump, would make the path towards new rules in this market simpler.

"To have the leader of the largest country come out and say he wants to be the first crypto president … this is unprecedented. It’s hard to deny it has had an effect," Armstrong commented.