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Coinbase CEO Brian Armstrong Says Biden Administration Sending Positive Signals on Future of Crypto Industry in the US

dailyhodl.com 26 May 2022 10:37, UTC
Reading time: ~2 m

Coinbase CEO Brian Armstrong says he feels optimistic about the crypto regulatory landscape in the United States.

While speaking at a Milken Institute conference earlier this month, Armstrong acknowledged there could be more crypto regulatory clarity overall, though he still thinks the US is headed in the right direction.

“I think there’s cause for optimism though as well, and one thing is that in Biden’s recent executive order, they did ask for various departments of the government in the US to come back and say, ‘We need clarity on this industry.’

But it was very positive to see them also mention that we need to protect the innovation potential of this technology because this represents a huge opportunity where we want to preserve this in the United States. That was really positive.”

The Coinbase chief executive thinks US lawmakers need some additional education on crypto, but he says overall support for the space is growing among legislators.

“Another really positive thing I’ve seen is that when I do spend time in DC, I think this is a very bipartisan issue. There are people on both sides of the aisle who are very pro-crypto, and I would even say the majority of people who I meet within Congress now – 50% or more are pro-crypto. They believe this is a net good for society. Yes, it needs to be regulated, but… it’s actually getting harder and harder to meet a true crypto skeptic in DC.”

In March, US President Joe Biden signed a sweeping executive order designed to ensure the US leads the way in crypto asset innovation.

The order directs multiple US agencies to explore the best ways to ensure Americans are protected as they invest in the growing crypto economy.

Specifically, the order says regulations must protect American consumers, investors and businesses as well as mitigate the illicit use of digital assets and the potential for any systemic risk posed by the industry.

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