The CEO of Coinbase exchange, Brian Armstrong, expressed his dissatisfaction with the approach of the US lawmakers and the regulators regarding the establishment of clear regulations in the cryptocurrency space. He cautioned that the United States’ restrictive policies could potentially have the way for “adversary nations,” such as China to gain an advantage in the cryptocurrency industry.
In a recent op-ed published on 30 May, Armstrong reiterated his concern that the recent volatility in the crypto markets may lead US policymakers to dismiss it as an unstable asset class. However, he cautioned against such hasty dismissal, emphasized that it could result in the United States relinquishing its position as a global financial leader and a center for innovation.
Armstrong emphasized the importance of policymakers recognition that cryptography extends beyond individual transactions. He emphasized that it is a transformative technology with the potential to revolutionize numerous sectors. As an example, he pointed out its capacity to enable creators to receive royalties for secondary market transactions.
He added, “Crypto, like the internet before it, has the potential to modernize finance and numerous other sectors, from supply chains to social media, by offering a faster, cheaper, more private, and accessible platform.”
Armstrong further commented in the op-ed that it comes as no surprise that Hong Kong is positioning itself as a prominent global cryptocurrency hub. He noted that this move aligns with China’s efforts to challenge the United States’ position as the global financial leader through various means, including the recent introduction of the digital yuan.
Armstrong issued a warning that the United States would face the need to catch up and allocate billions of dollars to revive innovation within the country if comprehensive cryptocurrency legislation is now enacted. However, he also acknowledged that even with a massive and sustained effort, it might be too late by the point to the region lost ground.
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