CEO of Coinbase criticizes US approach to regulating cryptocurrencies

According to the head of the exchange, Brian Armstrong, rigid oversight of the sector is holding it back

21.09.2022 - 14:50

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What’s new? Brian Armstrong, CEO of cryptocurrency exchange Coinbase, criticized the concept of crypto regulation published by the White House. In his opinion, the rigid approach to oversight of the digital asset sector is holding back its development, prompting developers to wind down projects and leave the US.

Link to the tweet

What else does Armstrong say? The head of the cryptocurrency exchange is sure that the strongest argument from regulators is the issue of the national security of the country. He also noted that his company is in US jurisdiction and promised that he would fight for the success of cryptocurrencies in the country. Armstrong added:

“The US missed on semiconductors and 5g which is now largely manufactured offshore. It can't afford to have cryptocurrency go offshore as well.”

What is the essence of the White House program? For six months, government agencies have been working to create concepts and policy recommendations to address priorities that include protecting consumers and investors, promoting financial stability, countering illicit financing, US leadership in the global financial system, and economic competitiveness. Taken together, the recommendations represent the first “comprehensive government approach” to regulating the industry. The framework was released on September 16.

Changpeng Zhao, head of the cryptocurrency exchange Binance, earlier backed the White House program, particularly praising the focus on consumer protection, anti-fraud and financial crime.

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