“Adversary nations” like China could ultimately benefit from restrictive crypto policies in the United States, warns Coinbase CEO Brian Armstrong.
In a May 30 op-ed for MarketWatch, Armstrong again warned that while recent turbulence in crypto markets might tempt U.S. policymakers “to write it off as an unstable asset class,” doing so could see the U.S. cede its status as a financial leader and innovation hub.
В сегодняшней @MarketWatch Я делюсь статьей, призывающей политиков увидеть общую картину криптовалюты. Для американского технологического лидерства и национальной безопасности важно, чтобы эта отрасль была построена (хотя бы частично) в Америке. https://t.co/I1702aHDGf
— Брайан Армстронг ️ (@brian_armstrong) 30 мая 2023
Armstrong urged policymakers to see that crypto is “about much more than individual transactions,” but represents a “transformative technology” that can revolutionize a variety of sectors — highlighting its ability to provide creators with royalties for secondary market transactions as an example and adding:
«Криптовалюта, как и интернет до нее, может модернизировать финансовый и многие другие секторы, от цепочек поставок до социальных сетей, предлагая более быструю, дешевую, более приватную и доступную платформу».
Through his status as a public figure and head of Coinbase, Armstrong has long been pushing for U.S. policymakers to provide the crypto industry with regulatory clarity that can help realize crypto’s potential whilst protecting consumers.
Coinbase has continued to ask for clarify from the U.S. Securities and Exchange Commission around which digital assets qualify as securities, and has argued against the agency’s “regulation by enforcement” approach. SEC chair Gary Gensler has previously argued that digital assets already fall under existing securities regulations.
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In the op-ed, Armstrong added it was unsurprising that Hong Kong is positioning itself to be a global crypto hub, as China looks to challenge the U.S.’s role as the global financial leader in a variety of ways — such as the recent launch of the digital yuan and Belt and Road Initiatives.
Си Цзиньпин призвал к глубокому взаимодействию между инициативой «Пояс и путь» и Евразийским экономическим союзом #БРИ # Китай
Председатель Китая Си Цзиньпин в среду призвал к более глубокому взаимодействию между инициативой «Пояс и путь» (BRI) и Евразийским экономическим союзом (ЕАЭС), поскольку Китай стремится укрепить… pic.twitter.com/bwFcXIvgk4— Чжан Хэцин (@zhang_heqing) 25 мая 2023
He warned that failing to pass comprehensive crypto legislation would result in the U.S. needing to play catch-up and spend billions to bring innovation back to the U.S., but noted that even with a “colossal and sustained effort” it might be too late by then.
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Source: https://cointelegraph.com/news/china-gains-from-strict-us-crypto-regulations-coinbase-ceo