The CEO of Coinbase, Brian Armstrong, is confident that crypto regulation in the U.S. is a welcome development. President Joe Biden has been credited with ensuring regulatory reforms in the crypto industry.
Speaking at the Milken Institute conference, Armstrong noted that there would be more regulatory clarity for the industry. And that the United States is ahead of others in this regard, thanks to President Biden’s administration.
Coinbase’s CEO believes that there is a cause to be optimistic about the future of the crypto industry in the U.S. Following the signing of the executive order by the president of the United States, the future is bright.
Is the Crypto Industry in Need of Clarity?
Armstrong further added that the crypto industry needs some level of certainty and clarity, and this is achievable. According to the CEO, President Biden has sent a clear message to all concerned parties.
Everyone concerned with the country’s progress needs to contribute to the advancement of the crypto space.
Moreover, following the signing of the executive order, the Biden administration has shown a willingness to do more. U.S. Treasury secretary Janet Yellen also revealed that the government wants to protect the industry’s technological innovations.
According to Yellen, crypto innovations are vital for the economic progress of the U.S. and should be preserved.
However, the Coinbase CEO disclosed that most U.S. lawmakers require some education about cryptocurrency. Meanwhile, Armstrong admitted that the industry is getting the needed support from the legislators.
This is not to say there are no lawmakers opposed to the official recognition of the crypto industry. There are crypto skeptics among the legislators and the citizens, but they are in the minority. But, the industry needs more support and regulation.
The Coinbase CEO maintained that the industry’s progress lies with the players and the government. The crypto industry could achieve no noticeable progress without official support and cooperation between industry players.
It is worth noting that the United States is one of the few countries with significant crypto users. Besides, the U.S. has existing crypto transaction structures where users can trade in digital currencies.
Like Coinbase CEO opined, efficient regulations are the best way for the industry to move forward, and the U.S. needs that.
President Biden’s Executive Order
The president of the United States, Joe Biden, signed a holistic executive order in March for the digital assets industry.
Cryptocurrency is part of the future, and the U.S. wants to become a leading player.
According to insider reports, the order is designed to ensure the dominance of the U.S. in blockchain innovations.
Part of the order is the direction to U.S. government agencies to explore ways to protect the interest of Americans. Similarly, the order considers the growing investments in crypto by the citizens and wants effective protection for them.
The order specifically mentioned the protection of American consumers, businesses, and investors. And the prevention of illicit digital asset transactions and risks also formed part of the order.