Coinbase introduces decentralized identity verification serviceCoinbase CEO Brian Armstrong recently joined CNBC’s Power Lunch to discuss the company’s global ambitions. Armstrong highlighted that 83% of G-20 nations adopt or craft cryptocurrency laws. He cited Coinbase’s recent forays into Canada and the launch of an international derivatives exchange as evidence of the company’s commitment to overseas markets.
In the face of regulatory hurdles in the U.S., Armstrong remains optimistic. “America is going to get this right,” he assured. He noted that Congress is actively reviewing major crypto proposals with bipartisan backing.
Armstrong expressed frustration with the U.S. Securities and Exchange Commission (SEC) for its lack of a clear crypto framework. He argued that this regulatory ambiguity doesn’t serve the interests of the 56 million Americans already using cryptocurrencies.
To put that number in perspective, Armstrong compared it to adopting electric cars. He revealed that five times more Americans own cryptocurrencies than electric vehicles. He said this proves that crypto has become mainstream in the U.S.
Armstrong criticized the SEC’s approach of using enforcement actions instead of creating legislation. He warned that this has eroded America’s financial and technological leadership. He also mentioned past incidents of unregulated exchanges facing severe issues, emphasizing the need for clear guidelines.
However, Armstrong praised the U.S. justice system’s role in the crypto sector. He cited a recent ruling that deemed the SEC’s actions against Grayscale as “unlawful” and “arbitrary and capricious.” According to Armstrong, such decisions bolster confidence in the crypto industry.
On Bitcoin ETFs, Armstrong revealed that Coinbase is listed as the custodian in several applications. He believes introducing ETFs will benefit both the crypto sector and Coinbase, drawing in more investors.
Armstrong addressed the issue of market competition. He stated that he hadn’t observed any signs of margin compression. For him, expanding the crypto industry remains Coinbase’s top priority. Armstrong sees the rise of crypto not as a threat but as an avenue for growth. He envisions its adoption across all financial service providers, fintech companies, and emerging Web3 platforms.
Armstrong’s appearance on CNBC provided a comprehensive overview of Coinbase’s strategies and viewpoints. From international expansion to regulatory challenges and market competition, Armstrong laid a roadmap reflecting caution and optimism.
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