CEO of Coinbase Brian Armstrong Discusses International Growth and Regulatory Obstacles
CEO Brian Armstrong of Coinbase spoke about the company’s foreign development on CNBC’s Power Lunch.
Armstrong emphasized that eighty-three percent of the G-20 nations have either implemented or are in the process of enacting cryptocurrency laws. He mentioned recent launches in Canada and the creation of a global derivatives exchange to stress that Coinbase is focusing on these outside markets.
When asked whether he was considering pulling the plug on U.S. operations owing to regulatory impediments, Armstrong said, “America is going to get this right.” Moreover, he said that the House of Representatives is now reviewing major proposals with bipartisan support, which shows that Congress is aware of the need to set clear laws for the crypto business.
Armstrong has voiced his displeasure with the SEC of the United States for failing to provide a coherent regulatory framework for cryptocurrencies. He stressed that the American people’s interests are not reflected in the current regulatory uncertainty. Armstrong said that almost 1 in 5 Americans, or 56 million people, had used some kind of cryptocurrency. He used this number to demonstrate the widespread acceptance of cryptocurrencies in the US, adding that it is five times more than the number of people who own electric automobiles.
Armstrong said that the SEC’s preference for enforcing rules rather than legislating was flawed. As a result, he said, crypto firms have been relocating abroad, and the United States is losing its position as a global leader in finance and technology. Armstrong said that “terrible things” like exchanges blowing up had occurred due to the lack of restrictions.
Armstrong was effusive in his admiration of the American court system for its efforts to ensure legality in the cryptocurrency sector. He referred to a finding that the SEC’s efforts against Grayscale were “unlawful” and “arbitrary and capricious.” Armstrong noted the importance of the judicial branch in ensuring the rule of law in the cryptocurrency business and expressed his belief that such verdicts inspire trust in the sector.
