Coinbase Boss Speaks Out About America’s War on Crypto
The ongoing war on crypto from US regulators could do lasting damage to the country’s financial system, according to Coinbase CEO Brian Armstrong.
Brian Armstrong aired his views on the current state of the crypto industry in the US in an article with CNBC on March 1st.
The industry boss is among many who are not satisfied with the regulatory work and the targeting of crypto companies. The Securities and Exchange Commission (SEC) has led the charge with its recent enforcement actions.
Gary Gensler’s agency is “carpet bombing” the industry, claiming that everything is a security. However, cryptoassets have yet to be officially classified by Congress, delaying the legislation.
Armstrong commented:
“The United States has long been a leader in global economic and political affairs, but its dominance is being challenged by other global superpowers.”
Coinbase Boss wants clear rules
He pointed out that the American banking and financial system is obsolete, having remained unchanged for the past 40 years. Embracing the digital economy is the way forward, he said:
“By embracing crypto and other forms of digital finance, the United States can not only update its financial system, but also strengthen its status as a geopolitical powerhouse.”
Armstrong acknowledged the position of the US dollar as the world’s reserve currency, but warned that it “has never been under more pressure.”
Furthermore, China is steaming ahead with the rollout of CBDC. There are also moves to develop a pan-Asian stablecoin to distance itself from dollar hegemony.
“As other countries implement cryptocurrency regulations and policies, the United States risks falling behind both technologically and politically,” he said.
In addition, the sentiment has been echoed by Circle CEO Jeremy Allaire. He recently said that the SEC was the wrong regulator for stablecoins which are payment systems, not securities.
Europe and Asia are moving forward
As reported by BeInCrypto, Coinbase is pivoting to Europe in the wake of Uncle Sam’s war on crypto. The European Union is drafting regulations and welcoming crypto and fintech firms. The US sends a completely different message.
Finally, Armstrong concluded his opinion with a call for comprehensive regulations.
“It is time for the United States to take action and work with its US-based crypto companies, not against them, to build a comprehensive regulatory framework that protects users, empowers innovators, and provides the American people with a financial system built for the 21st century. “
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
