Coinbase CEO Brian Armstrong says it is “really necessary” for the US to have a regulatory framework for crypto assets.
Armstrong says in a new CNBC interview that the US is an exception among other major economies when it comes to achieving regulatory clarity for crypto.
According to Coinbase’s CEO, the US has a lot to lose from regulatory uncertainty.
“The vast majority of G-20 countries have already more or less put their regulatory framework in place. We’ve seen that now in Singapore, Hong Kong, Britain, Brazil, Australia. So it is actually only the US that is a bit of an outlier here. And that’s something that I think is within our power to control.
In fact, I’d say it’s a national security issue. If we want the US to be relevant as a financial center, as a technology center, to project American soft power through our reserve currency with US dollar stablecoins, it is really imperative that we get this right.”
Armstrong goes on to say that regulatory uncertainty in the US is already reducing America’s global share of crypto industry jobs.
“Right now, the US is seriously lagging behind [on crypto regulations]. If you look at the other G20 countries, 83% of them already have crypto legislation on the books, or it is in preparation – being drafted and implemented.
The US is lagging behind here and we have seen the share of the US labor market around crypto shrink from around 40% to around 29%. And that’s because of this lack of regulatory clarity.”
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