The CEO of Coinbase, Brian Armstrong, has strongly criticized the lack of clear regulations for the crypto industry in the United States. He has consistently argued that this uncertainty will force companies to move their operations overseas.
Armstrong further warns that countries like China, which are seen as adversaries to the United States, could gain advantages from the restrictive crypto policies implemented in the US.
In an op-ed for MarketWatch on May 30, Brian Armstrong reiterated his warning that the recent volatility in the crypto markets should not lead US policymakers to dismiss it as an unstable asset class. He cautioned that such a response could result in the United States losing its position as a financial leader and a hub for innovation.
In today's @MarketWatch I'm sharing an op-ed encouraging policymakers to see the big picture with crypto. It's important for American technology leadership and national security that this industry be built (at least in part) in America. https://t.co/I1702aHDGf
— Brian Armstrong 🛡️ (@brian_armstrong) May 30, 2023
Armstrong emphasized the importance of policymakers recognizing that crypto goes beyond individual transactions. He described it as a transformative technology that has the potential to revolutionize various sectors. He provided an example of how crypto can enable creators to receive royalties for secondary market transactions.
Crypto, similar to the internet in the past, has the potential to update finance and various other sectors. It can do so by providing a faster, more affordable, private, and accessible platform.
As a public figure and leader of Coinbase, Armstrong has consistently advocated for clear regulations from U.S. policymakers to enable the crypto industry to thrive while ensuring consumer protection.
Coinbase has been requesting clarity from the U.S. Securities and Exchange Commission (SEC) regarding the classification of digital assets as securities.
Coinbase disagrees with the SEC’s approach of enforcing regulations without clear guidelines. SEC chair Gary Gensler has maintained that digital assets are already subject to existing securities regulations.
In the op-ed, Armstrong also mentioned that it is not surprising to see Hong Kong striving to become a prominent crypto hub. This is because China is seeking to challenge the United States’ position as the global financial leader through initiatives like the launch of the digital yuan and the Belt and Road Initiatives.
Xi calls for deep alignment between Belt and Road Initiative and Eurasian Economic Union #BRI #China
Chinese President Xi Jinping on Wednesday called for a deeper synergy between the Belt and Road Initiative (BRI) and the Eurasian Economic Union (EAEU) as China looks to enhance… pic.twitter.com/bwFcXIvgk4
— Zhang Heqing (@zhang_heqing) May 25, 2023
He cautioned that if comprehensive crypto legislation is not passed, the United States would need to make significant efforts and spend billions to regain innovation in the country. However, he also mentioned that even with such extensive and long-lasting efforts, it might be too late to catch up by then.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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