According to Coinbase CEO Brian Armstrong, the United States’ restrictive crypto regulations may benefit “adversary nations” like China. In an op-ed for MarketWatch, Armstrong expressed his concern that the lack of regulatory clarity in the U.S. crypto industry could lead to the country losing its status as a financial leader and innovation hub. He emphasized that cryptocurrencies are not just about individual transactions but are a transformative technology with the potential to revolutionize various sectors, including finance, supply chains, and social media. Armstrong also highlighted the importance of providing creators with royalties for secondary market transactions.
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 has been a vocal advocate for regulatory clarity in the crypto industry, urging policymakers to support its potential while protecting consumers. He specifically mentioned Coinbase’s request for clarity from the U.S. Securities and Exchange Commission (SEC) regarding the classification of digital assets as securities.
Armstrong noted that China, with its launch of the digital yuan and efforts to challenge the U.S. as the global financial leader, is positioning Hong Kong as a global crypto hub. He warned that if the U.S. fails to pass comprehensive crypto legislation, it would need to catch up and invest billions to regain its innovation standing. However, Armstrong acknowledged that even with significant efforts, it might be too late for the U.S. to recover its position.
In summary, Armstrong believes that the U.S. should provide regulatory clarity to the crypto industry to prevent potential benefits for countries like China and to maintain its position as a leader in finance and innovation.
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