Crypto exchange Coinbase has launched a new campaign to educate Americans on the benefits of cryptocurrency and to urge policymakers to establish clear regulatory guidelines for the industry. The company’s CEO, Brian Armstrong, has warned that unless the US adopts a similar approach to London, Singapore, and Hong Kong in embracing and regulating crypto, the country could lose its position as a global financial leader.
The consequences of inaction
Armstrong compared the potential loss of leadership in crypto to the US’s diminished role in 5G and semiconductor technology. He argued that without swift and decisive action, the future of the financial system could be developed elsewhere. In a recent op-ed for CNBC, Armstrong also noted that other superpowers were already challenging America’s position in global economic and political affairs.
Armstrong outlined the advantages of issuing digital dollars on the blockchain, including their potential to reach millions of unbanked and underbanked people globally and to power remittances. However, he also warned that a lack of clear regulation could stifle innovation and create an unstable environment for the industry to thrive.
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The importance of clear regulation
To avoid these negative outcomes, Armstrong called for government agencies to work with American crypto companies to establish clear guidelines that would provide a more stable and secure environment for the industry to grow. He argued that this approach would attract more investment and talent to the US, and help ensure that the country remains at the forefront of the financial industry.
