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Coinbase CEO Advocates for Crypto Regulatory Clarity with FIT21 Act
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.
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.