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Brian Armstrong believes that the US government needs to provide a clear regulatory framework for cryptocurrencies.
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He added that offshoring crypto hurts the American financial system.
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Armstrong argues that the traditional financial system hasn’t been updated in nearly four decades.
Crypto needs a clear regulatory framework
Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, told CNBC in a recent interview that the United States government needs to provide a clear regulatory framework for the cryptocurrency industry.
Coinbase CEO Brian Armstrong is calling for the U.S. government to provide a “clear” regulatory framework for crypto. Read his full op-ed here: https://t.co/st4ss0RgQX pic.twitter.com/CgiyBB9klW
– CNBC (@CNBC) March 2, 2023
This latest cryptocurrency news comes after he published an Op-ed piece on CNBC on Wednesday, March 1st. When asked about regulating cryptocurrencies in the US, Armstrong said;
“I think new legislation is needed. The reason is that if you ask most Americans, 80% of them think that the current financial system doesn’t work for them. The fees are too high, the delays are there, and it doesn’t serve everybody equally. This is not surprising because the current financial system is built on a 40-year-old technology. Some of the laws have been there for a hundred years, even before the internet existed.”
Moving crypto offshore could hurt the United States
Armstrong believes that cryptocurrency is the most important technology that can update the current financial system. He added that there is currently strong bi-partisan support for crypto legislation, and that is a positive thing for the industry. He added that;
“Everybody saw what happened with FTX and are now working to ensure that we have strong customer protection. We have to recognise that there is innovation potential in the industry and have to ensure that, unlike 5G and semiconductors, we don’t move the crypto industry offshore. We need this to be built here in America, with strong consumer protection.”
In his Op-ed, Armstrong pointed out that the US needs to attract some of the biggest players in the crypto industry. He wrote that;
“The U.S. government needs to take a more proactive approach to cryptocurrency and provide a clear regulatory framework for the industry, one with forward-looking policies that recognize the many unique and innovative aspects of blockchain technologies. This will create a more stable and secure environment for cryptocurrency to thrive and will help to attract more investment and talent to the US.”
Coinbase is one of the leading cryptocurrency exchanges in the world and is a publicly-listed company in the United States.