Brian Armstrong pointed to 5G and semiconductors as examples of areas where the U.S. lack dominance because the technology went offshore.
Crypto regulation "is a matter of national security" for the U.S., Coinbase's CEO Brian Armstrong has claimed.
The exchange has launched a new campaign as it tries to educate Americans about the benefits of crypto — and get politicians and regulators to devise clear rules.
In an interview with Bloomberg, he pointed to how major financial hubs — including London, Singapore and Hong Kong — have "embraced" crypto and grappled with policy.
And he warned that, unless the same happens in America, there's a chance that the future of the financial system will be built elsewhere.
Armstrong pointed to 5G and semiconductors as examples of areas where the U.S. lack dominance because the technology went offshore — alluding to concerns that have been raised about Chinese infrastructure being used for such products.
This was followed up by an op-ed piece for CNBC, where he warned that superpowers are challenging America's position as "the leader in global economic and political affairs." He wrote:
"China, for example, has made significant progress in digital currencies and has already launched its own digital yuan. Additionally, the U.K., Japan, and EU have all made significant progress, with the EU most recently introducing MiCA."
Armstrong explained that there would be big advantages if the U.S. were to issue digital dollars on the blockchain — as these assets could then reach millions of unbanked and underbanked people worldwide, and power remittances. He warned:
"America is at a once-in-a-generation inflection point: we have the opportunity to be the leader in the digital currency space and reap the benefits this leadership enshrines, or we can concede our leadership role to geopolitical adversaries who are eager to take the mantle as the 21st-century's global heavyweight. As other countries implement regulations and guidelines for cryptocurrency, the U.S. risks falling behind both technologically and politically."
He argued that clear regulation would create a "more stable and secure environment for cryptocurrency to thrive and will help to attract more investment and talent to the U.S" — and called for agencies to work with American crypto companies, not against them.