The US authorities wants to offer a transparent regulatory framework for crypto, says Coinbase’s CEO

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  • Brian Armstrong believes that the US authorities wants to offer a transparent regulatory framework for cryptocurrencies.

  • He added that offshoring crypto hurts the American monetary system.

  • Armstrong argues that the normal monetary system hasn’t been up to date in practically 4 many years.

Crypto wants a transparent regulatory framework

Brian Armstrong, the CEO of cryptocurrency alternate Coinbase, advised CNBC in a latest interview that the USA authorities wants to offer a transparent regulatory framework for the cryptocurrency business.

This newest cryptocurrency information comes after he revealed an Op-ed piece on CNBC on Wednesday, March 1st. When requested about regulating cryptocurrencies within the US, Armstrong stated;

“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.”

Shifting crypto offshore might harm the USA

Armstrong believes that cryptocurrency is a very powerful expertise that may replace the present monetary system. He added that there’s at present sturdy bi-partisan help for crypto laws, and that could be a constructive factor for the business. 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 identified that the US wants to draw among the largest gamers within the crypto business. 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 without doubt one of the main cryptocurrency exchanges on the earth and is a publicly-listed firm in the USA.


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