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Coinbase CEO Advocates for Crypto Regulatory Clarity with FIT21 Act
Brian Armstrong, CEO of Coinbase, has asked Americans to take action and mail their representatives to support the Financial Innovation and Technology for the 21st Century Act (FIT21), which would clarify regulatory guidelines for cryptocurrencies.
Armstrong stated in a tweet that people must ask their representatives to vote "yes" on FIT21 since voting will resume the next day. The CEO of Coinbase stated that the legislation will continue to change during the legislative process. He, however, thinks that this is a vote that will safeguard digital assets, innovation, and national security for Americans.
In addition, Coinbase said that it might "promote job opportunities" in the nation along with safeguarding customers and enhancing national security. This means that American cryptocurrency startups considering other countries could decide to stay in the US instead and continue to work with local talent.
Earlier this year, a number of cryptocurrency businesses made the decision to try out several global regions that would be a suitable match in the midst of the legislative uncertainties in the US. Armstrong traveled to the United Arab Emirates on May 8 to evaluate the country's potential as a key center for Coinbase. A "war on crypto" was reportedly raging in the US on May 26, so cryptocurrency exchange Gemini chose Ireland as the base for its European operations.
In spite of the challenges in the US, Coinbase persisted in trying to communicate with American regulators throughout the year. The CEO of Coinbase invited regulators to a discussion on cryptocurrencies in Washington, D.C., on February 13. Armstrong apparently had a private meeting with Congressmen on July 19 to discuss laws pertaining to digital assets.
Brian Armstrong's call-to-action highlights a critical need for clear, comprehensive crypto regulation in the US. As the crypto industry continues to grow, it's crucial to strike a balance between fostering innovation and ensuring investor protection. The FIT21 Act could be a step in the right direction towards achieving this balance.