Coinbase chief warns: U.S. regulators’ policies are helping China
Brian Armstrong, head of the largest American cryptocurrency exchange Coinbase, spoke about the policy of American regulators regarding cryptocurrencies. In a magazine article market watch he said that the US risks missing out on being a leader in innovation because of too much regulation and prohibition.
Armstrong argues that China, which is actively developing its digital currency and supporting the crypto industry, is gaining an advantage over the US in the global market right now. He calls on the US authorities to be more open and friendly to innovation, as well as to cooperate with crypto companies, and not hinder their work and development.
Armstrong also noted that Coinbase is facing constant scrutiny and pressure from regulators who require the exchange to comply with various rules and regulations. He believes that this hinders the development of business and investment in the cryptosphere.
“We and others in the industry are asking policymakers and regulators to give us the regulatory clarity we need to ensure consumer protection and the promise of cryptocurrencies. But instead of credible new rules to help those efforts, we are getting threats of enforcement. By applying restrictive policies, the US is inadvertently squeezing crypto innovations abroad. This shift will jeopardize America’s legacy of pioneering technological advances and weaken our national security posture.” – wrote the co-founder of Coinbase.
Coinbase is one of the most successful and popular crypto exchanges in the world, it was founded in 2012 by Brian Armstrong and Fred Ehrsam. In April 2021, the exchange had a direct listing on NASDAQ and became the first public crypto company.
At the end of April, Coinbase filed a lawsuit against the US Securities and Exchange Commission (SEC) with a request to oblige the regulator to respond to the petition.
We are talking about a petition filed with the SEC in July 2022. In it, the exchange asked to clarify the circumstances under which a digital asset is considered a security, and to create a framework for the regulation of cryptocurrencies. Coinbase claims that more than 1,700 businesses and individuals have supported its petition. The SEC did not publicly respond to this document, which is why the exchange decided to go to court.
▼
The most interesting and important news on our channel in Telegram
