- Brian Armstrong believes the U.S. has a chance for Crypto Regulation clarity with supportive leaders.
- The FIT21 bill, which passed in the House, could soon reach the President’s desk.
- Armstrong stressed the need for SEC and CFTC collaboration or congressional action for crypto rules.
- Armstrong highlighted how crypto could modernize finance, including reducing high capital formation costs.
The United States may soon experience a turning point in crypto regulation. Coinbase CEO Brian Armstrong expressed optimism during an interview with CNBC, saying, “We finally have a chance to get some regulatory clarity in the U.S.”
This clarity has been elusive under SEC Chair Gary Gensler’s tenure. So, a pro-crypto Congress and recent legislative efforts could pave the way for progress.
The Push for Crypto Regulation Clarity
Armstrong highlighted the significance of the Financial Innovation and Technology for the 21st Century Act (FIT21). “The FIT21 bill, which passed with strong support in the House earlier this year, is now making its way through the Senate,” he said. He added that the bill could reach the President’s desk either during the lame-duck session or early in the next administration.
Furthermore, he noted the urgency of collaboration between the SEC and the Commodity Futures Trading Commission (CFTC). “We need these agencies to come together and collaborate on rule-making, or Congress has to step in with legislation,” he said.
Crypto’s Expanding Landscape
Armstrong discussed the growing appeal of crypto assets, pointing to Coinbase’s newly launched Coinbase 50 Index. “Bitcoin is the biggest asset and has a lot of room to run,” he noted. However, the index also introduces people to a broader market of digital assets. Armstrong elaborated, “There are dozens of assets in crypto that have met our listing and exchange standards. Thousands of new tokens are created every day.”
Additionally, highlighted emerging tokens like TON and Worldcoin. Which serve practical purposes in emerging markets. Armstrong also noted innovations in decentralized finance (DeFi) and Layer-2 solutions, such as Optimism. “Eventually, we’ll live in a world with millions of tokens,” he predicted.
Crypto Regulation and Role in Financial Modernization
Armstrong believes crypto could transform the financial system. He stated, “Crypto is a technology to update the financial system at large.” Specifically, he pointed to areas like capital formation, saying, “People are paying 11% in financing fees to raise money for projects like real estate. Crypto can dramatically improve this process.”
However, Crypto regulation is a hurdle. Armstrong remarked, “We need a clear path for people to register crypto securities, ensuring compliance and investor protection.” Also, he criticized the lack of dialogue under current leadership. “The last four years, the door has been shut in our face for productive conversations,” he said.
A New Era for Crypto in the U.S.
The recent election results are a bright one for the crypto industry. Armstrong noted, “This is the most pro-crypto Congress ever.” So, he cited metrics, saying, “268 pro-crypto candidates were elected to the House, and all nine new senators received an A or B rating from Crypto.org.”
Furthermore, he praised the White House’s support, “With President Trump’s endorsement of crypto, we couldn’t be in a better position to get clarity and rebuild the crypto industry in America.”
Armstrong acknowledged the influence of the crypto industry in elections, explaining, “The industry spent significant amounts of money and mobilized nearly two million advocates to support pro-crypto candidates.” So, he revealed plans to expand grassroots efforts. “We have a stretch goal to reach four million advocates by the 2026 midterms.”
Conclusion
Brian Armstrong believes the U.S. has a chance to achieve regulatory clarity for the crypto industry. So, with supportive legislation and pro-crypto leaders in Congress, he believes the path forward is promising. However, much depends on lawmakers’ next steps.
Armstrong’s remarks underline the importance of collaboration between the crypto industry and regulators. As he said, “It’s important for the future of America.”
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
