It has been just revealed that Coinbase’s CEO Brian Armstrong said that the US requires crypto regulatory clarity. Check out the latest reports about this below.
The US needs crypto regulatory clarity
In a recent interview with CNBC, Brian Armstrong, the CEO of Coinbase, emphasized the importance of the US establishing a regulatory framework for cryptocurrency assets.
Armstrong believes that the US is lagging behind other major economies in terms of achieving regulatory clarity for crypto, which could have serious consequences for the country.
He pointed out that the majority of G-20 countries, such as Singapore, Hong Kong, the UK, Brazil, and Australia, have already implemented regulatory frameworks.
Armstrong argues that the US needs to catch up in order to remain a relevant financial and tech hub and to maintain its status as a global reserve currency with US dollar stablecoins. He sees this issue as a matter of national security and urges the US to take action.
According to Armstrong, the US is falling behind other countries in the regulation of cryptocurrency, which is causing a decline in the number of crypto industry jobs in America.
He explains that while 83% of G20 countries have already implemented or are in the process of implementing crypto legislation, the US is lagging behind.
As a result, the share of crypto jobs in the US has decreased from 40% to 29%. Armstrong attributes this decline to the lack of regulatory clarity in the country.
Coinbase in the news
It has been reported by blockchain intelligence company, Arkham, that Coinbase, a leading cryptocurrency exchange in the US, holds a reserve of almost $25 billion worth of Bitcoin (BTC). With this amount, Coinbase is considered the largest Bitcoin entity that Arkham has recorded.
The exchange’s Bitcoin holdings account for nearly 5% of all BTC in existence, which is approximately the same amount as the pseudonymous creator of the asset, Satoshi Nakamoto.
