The CEO of Coinbase has just called for more regulatory clarity in the US, according to the latest reports. Check out the new details about the matter below.
Coinbase CEO addresses the need for crypto regulation
During a CNBC interview, Brian Armstrong, the CEO of Coinbase, highlighted his worries over the absence of clear guidelines for the digital assets industry in the country.
He stressed the importance of having regulatory rules to prevent negative outcomes like cryptocurrency firms collapsing or moving overseas, and the US losing its position as a global financial hub.
Armstrong asserts that the digital assets industry is growing at a fast pace and needs proper regulation to guarantee its expansion and stability.
“Roughly 56 million Americans have used crypto now. That’s about 1 in 5 Americans. Just to give you a sense of scale, about 5x as many Americans have used crypto as have an electric vehicle. This is not some minority thing. It’s a mainstream thing in American society.”
He continued and said the following, as per the online publication the Daily Hodl:
“We need to have clear rules that recognize the innovation potential of this technology but then also protect consumers from harm. In the absence of that, we have seen terrible things happen.
The industry has moved offshores, we’ve seen exchanges blow up, [and] we’ve seen a weakening of America’s dominance as a financial hub, as a technology leader.”
Armstrong made sure to also reveal his opinion about a judge recently ruling in favor of Grayscale in its lawsuit against the U.S. Securities and Exchange Commission (SEC) over the crypto firm’s application to create a spot market Bitcoin (BTC) exchange-traded fund (ETF).
It is important that we mention the fact that the judge ruled that the SEC must reconsider its position of denying Grayscale’s bid to remain consistent.
We suggest that you check out the original article posted by the online publication the Daily Hodl in order to learn all the available details about the matter.
