Coinbase CEO Brian Armstrong says that it is “really imperative” 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 with regard to achieving regulatory clarity for crypto.
According to the Coinbase CEO, the US has a lot to lose from the regulatory uncertainty.
“The vast majority of the G-20 countries have already kind of put their regulatory framework in place. We’ve seen that now in you know Singapore, Hong Kong, the UK, Brazil, in Australia. So it’s really just the US which is kind of an outlier here. And that’s something that I think is very much within our power to control.
In fact, I would say it’s a national security issue. If we want the US to be relevant as a financial hub, a tech hub, to project American soft power through our reserve currency with US dollar stablecoins, it’s really imperative that we get this right.”
Armstrong further says that regulatory uncertainty in the US is already causing America’s global share of crypto industry jobs to decline.
“At this point, the US is severely behind [on crypto regulations]. Actually, if you look at the other G20 countries, 83% of them now either already have crypto legislation on the books or it’s in progress – it’s being drafted, and implemented.
The US is behind here and we’ve seen the share of the US job market around crypto shrink from about 40% to about 29%. And it’s due to this lack of regulatory clarity.”
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