The CEO of major U.S. cryptocurrency exchange Coinbase Brian Armstrong believes that the negative stance of U.S. regulators on cryptocurrencies only plays into the hands of China and other countries.
In an article for MarketWatch magazine, Brian Armstrong noted that the cryptocurrency industry does experience turmoil, and it could prompt U.S. policymakers to “ban cryptocurrencies as an unstable asset class.”
However, if they do so, it could cause the U.S. to lose its status as a financial leader and center of innovation.
“It is critical to America’s technological leadership and national security that this industry (at least in part) be developed in the U.S.
Cryptocurrencies, like the Internet before them, have the potential to modernize the financial industry and many other sectors.
From supply chains to social media. They offer a faster, cheaper, more private and accessible platform,” the Coinbase CEO wrote.
Armstrong also reminded that Hong Kong is positioning itself as a global cryptocurrency hub, and the actions of U.S. regulators only help it and China as a whole to develop the field of blockchain and cryptocurrencies.
He added that if the U.S. gets behind on cryptocurrencies, it will then take billions of dollars to develop the industry in the country, and it may be too late.
Brian Armstrong previously criticized the U.S. Securities and Exchange Commission (SEC) for fines and bans against cryptocurrency companies.