Armstrong: “China is getting ahead of the US in the crypto industry”

The CEO of Coinbase expressed his concern given that the Asian nation is leading the US in technological and financial ecosystems

Coinbase CEO Brian Armstrong has expressed concern about the regulatory uncertainty facing the cryptocurrency industry in the United States, arguing that this is allowing other countries, especially China, to seize the opportunity and develop their own technological and financial ecosystems.

In an opinion piece published on MarketWatch, Armstrong highlighted Coinbase’s situation in the United States and how China is consolidating its local cryptocurrency market. He noted that Chinese players like Alipay and Tencent are gaining ground as payment systems, while the United States is losing ground.

Armstrong stressed that Coinbase and other industry players have been asking lawmakers and regulators for clarity to protect consumers and allow cryptocurrency to advance. However, instead of that, they have received threats and coercive measures that hinder the development of the local ecosystem. This is leading the main players to seek friendlier environments for their operations.

The Coinbase CEO highlighted that China is moving forward with the launch of its digital yuan, and Hong Kong has eased its regulations, positioning itself as a new hub for cryptocurrency trading. Armstrong asserted that cryptocurrencies, like the Internet at the time, have the potential to modernize finance, and it is crucial to American technological leadership and national security that the United States become a major center of this industry.

Armstrong’s comments come amid Coinbase’s dispute with the US Securities and Exchange Commission (SEC), which accuses them of violating securities laws in offering certain products and services to US residents. Armstrong and his team have criticized the SEC for its restrictive approach to cryptocurrencies, arguing that current laws do not fit the nature of these assets and their underlying technology.

K. Tovar

Source: DiarioBitcoin

(Reference image source: Unsplash+)

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