In an interview with The Wall Street Journal, Coinbase CEO Brian Armstrong explained that crypto entrepreneurs would return to the United States provided the government finds a “good way out” for regulation.
US authorities would have a hard time understanding cryptocurrencies?
In the interview with the WSJ, Brian Armstrong, CEO of Coinbase, said that crypto regulation is not “rocket science”. He means that finding crypto regulation is not difficult. He added that he thinks the US will find clear crypto regulation, “even if it takes a while.”
Armstrong’s statements come days after the Securities and Exchange Commission (SEC), the stock market watchdog in the United States, filed a lawsuit against Coinbase.
But according to Armstrong, the SEC does not fully understand how the crypto industry works. He explained that these records were not necessary for Coinbase to work.
” The assets we trade are commodities so they do not require these records […] we trade on our crypto exchange products. he said before adding:
” We don’t claim to be a broker-dealer. NOTWe have acquired a broker-dealer license which is still dormant as they will not allow us to activate it “.
Brian Armstrong proposes to take inspiration from traditional finance
On April 11, we learned that the proportion of crypto developers from the United States compared to that of the whole world had decreased by 26% from 2018 to 2022. CoinTelegraph was behind this publication and already cited “lack of regulatory clarity” as a significant factor. The media was already warning that “America’s advantage could slip”.
According to Brian Armstrong, there must be clear and stable regulations regarding cryptocurrency in the United States. This should encourage the return of crypto businesses to the country.
” We will see entrepreneurs who have left the United States return. They’ll say we won’t be randomly attacked or have insanely high legal bills at some point. »
He further thinks that several fundamental regulations can simply be transferred from traditional finance.
For Brian Armstrong, the Coinbase vs SEC lawsuit is important for the United States and the crypto industry. He thinks he will bring more clarity. Also, he could allow the country not to lag behind in this area. Would he already be confident that his exchange will emerge victorious from this trial?
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