United

Gary

Read

<p class="is-style-lead">Coinbase CEO has warned that &#8220;adversarial nations&#8221; like China have the potential to capitalize on the stringent crypto regulations in the United States. </p>



<p>In an op-ed published May 30, Armstrong expressed concerns about the country losing its innovation hub title. The recent market volatility pushes the authorities to dismiss <a href="https://crypto.news/learn/how-to-invest-in-cryptocurrency/">cryptocurrencies</a> as an unstable asset class.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">In today&#39;s <a href="https://twitter.com/MarketWatch?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@MarketWatch</a> I&#39;m sharing an op-ed encouraging policymakers to see the big picture with crypto. It&#39;s important for American technology leadership and national security that this industry be built (at least in part) in America. <a href="https://t.co/I1702aHDGf" target="_blank">https://t.co/I1702aHDGf</a></p>&mdash; Brian Armstrong 🛡️ (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1663636509814325248?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Armstrong emphasized that regulators must recognize that cryptocurrencies represent more than individual transactions. He thinks they are a transformative technology capable of disrupting numerous industries. For example, he highlighted the platform&#8217;s ability to enable authors to receive royalties from secondary market trades.</p>



<blockquote class="wp-block-quote">
<p>&#8220;Crypto, much like the internet in the past, has the potential to modernize finance and various other sectors, including supply chains and social media, by providing a faster, more affordable, private, and accessible platform.&#8221;</p>
<cite>Coinbase&#8217;s marketwatch</cite></blockquote>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/coinbase-advocates-for-better-crypto-regulations-in-us/" class="cn-block-related-link__link">
            Coinbase advocates for better crypto regulations in US        </a>

    
</div>


<p>As the CEO of Coinbase and a prominent public figure, Armstrong has long advocated for clear regulations from the US government that would allow the cryptocurrency sector to reach its full potential while protecting investors and customers.</p>



<p>Coinbase has challenged the Securities and Exchange Commission&#8217;s (SEC) &#8220;regulation by enforcement&#8221; approach by seeking clarification on whether digital assets are classified as securities. SEC Chairman Gary Gensler asserted that existing securities laws cover cryptocurrencies.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="The UAE is putting out a &#039;clear rulebook&#039; on cryptocurrency regulation, Coinbase CEO says" width="1020" height="574" src="https://www.youtube.com/embed/N2GR0Zj_wjM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Armstrong commented that China&#8217;s efforts to undermine the United States&#8217; position as the global financial leader, including introducing the digital yuan, are unsurprising, given Hong Kong&#8217;s aspirations to establish itself as a global <a href="https://crypto.news/a-guide-to-trading-cryptocurrency-part-7-linear-regression/">cryptocurrency</a> hub.</p>



<p>Finally, he emphasized that reviving innovation in the United States would require a &#8220;monumental and sustained effort.&#8221; Still, it may be too late if comprehensive crypto regulations are not implemented promptly.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/coinbase-one-launches-amid-regulatory-challenges/" class="cn-block-related-link__link">
            Coinbase One launches amid regulatory challenges        </a>

    
</div>

US regulatory stand could benefit China, Coinbase CEO warns

crypto.news

Other articles published on May 31, 2023

WedNewsDay! BNB NFT marketplace Tabi raises $10M in angel funding!

Ordinals and Bitcoin Miladys Launch BRC-721E NFT Standard

Tether expands horizons, sets sights on sustainable Bitcoin mining in Uruguay

Dr. Saifedean Ammous joins El Salvador as economic adviser, envisions Bitcoin as key to debt-free...

Makin Bersinergi, Zabava labs Jadi Pemateri Di Event Virtual BootCamp Campus

EOS EVM v0.5.0 Launches, Facilitating Yield+ Liquidity Mining on EOS EVM

Join our free newsletter for daily crypto updates!