Coinbase CEO says America risks losing its status as a financial hub

Brian Armstrong shared his opinion on the current critical situation of the Crypto sector in the United States. 

Brian Armstrong is the CEO & founder of Coinbase Crypto exchange. Coinbase is a second-ranked crypto trade platform, in terms of 24-hour global Crypto trade volume on the platform. Coinbase is popular among institutional crypto investors also because Coinbase is a Nasdaq-listed public crypto company that always follows all mandatory rules to comply with the basic financial regulation system. 

On 16 Feb 2023, Brian Armstrong took to Twitter to share his opinion on the current ongoing US crackdown on Crypto companies. 

Brian said that the current situation is indicating that America may lose its status as a financial hub. He also noted that there is no clear regulation system on the crypto sector and also situations are hostile for crypto companies because of the regulatory bodies. 

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Further Coinbase CEO noted that other dominating continents like the European Union (EU), United Kingdom (UK), & Hong Kong (HK) are open to Crypto adoption with a clear regulation system, So here the US Congress needs to act against this situation to bring clear legislation for this innovative sector. 

America risks losing it's status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.

Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK. https://t.co/i9WeUZ7K6H

— Brian Armstrong (@brian_armstrong) February 16, 2023

Popular Crypto blogger Collin Wu responded to this statement of Coinbase CEO and noted that the situation is almost the same everywhere and we should appreciate the US regulation system because US-based crypto exchanges have full freedom to list a wide range of crypto assets but the same thing is not same for the crypto companies in Hong Kong. 

For example, Coinbase can list a large number of altcoins, but licensed exchanges in Hong Kong only allow trading of a very small number of cryptocurrencies such as BTC and ETH.

— Wu Blockchain (@WuBlockchain) February 16, 2023

US crackdown on Crypto companies

In the last 10 days of the time period, the US regulatory bodies imposed regulatory action against Kraken crypto exchange over crypto staking services and BUSD stablecoin issuer Paxos.

Read also: Alabama senator aims to allow BTC investment under 401(k) plan

Coinbase CEO says America risks losing its status as a financial hub

 

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