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- 1 Coinbase CEO once again shares his thoughts over the adoption of crypto as a technology.
- 2 The CEO of the crypto exchange sees crypto as a technology and not as “a financial product.”
Brian Armstrong, the CEO of Coinbase, has recently shared a tweet in which he shared his opinion in the form of an “op-ed” that may encourage the policymakers, so they can see the “big picture with crypto.” As per his tweet, “it is important for American technology leadership and national security that this industry be built in America.”
In today's @MarketWatch I'm sharing an op-ed encouraging policymakers to see the big picture with crypto. It's important for American technology leadership and national security that this industry be built (at least in part) in America. https://t.co/I1702aHDGf
— Brian Armstrong 🛡️ (@brian_armstrong) May 30, 2023
Coinbase CEO Strongly Believes “Crypto as a Technology”
The CEO of Coinbase, a crypto exchange, strongly thinks crypto is a technology that his country must use to be a “global leader.” Based on his recent opinions, he speaks in favor of crypto to be adopted by his nation as a technology.
In simple terms, Armstrong doesn’t think crypto is a “financial product,” as he sees it as a technology.
As per his op-ed, if the crypto industry developed in the U.S., then, the country would lead in the technology world. Meanwhile, this also helps the country’s national security. Brian Armstorng wants to grab the attention of the U.S. policymakers towards the benefits of the crypto industry as a technology. He doesn’t want his nation to ignore the potential of the crypto industry.
Armstrong also noted that China will benefit from enforcement of restrictive U.S. crypto policies, while clarity over the regulation of crypto in the U.S. is necessary to ensure the “consumer protection and realize the promise of crypto.” Instead of regulation clarity, he wrote, “we’re getting threats of enforcement action.”
The Coinbase CEO further added that by enforcing the restrictive policies, the country is “inadvertently driving crypto-innovation offshore.” Due to this, America can’t lead in the “technological advancements,” while national security would also be affected. The thoughts of Armstrong clarifies that he wants the U.S. to be “the global financial leader and an innovation hub.”
Crypto as a Technology
Armstrong mentioned in the op-ed that cryptographic blockchains are not a financial service. Instead, these are a “transformative technology that can revolutionize a wide array of sectors,” and financial services is just an example from that. He continued with several uses of these technologies that are helping millions of people across the globe.
He also highlighted that besides China, the U.S. and other democratic nations are “up against digital systems”, while two Chinese tech-platforms, Alipay and Tencent are also offering its “integrated payments systems.” Moreover, the recent launch of China’s digital yuan also challenges the U.S. Dollar in its role in “global commerce”.
Due to these efforts by China, there should be “no surprise that Hong Kong is positioning itself as a global crypto hub,” he further added. Additionally, he named some traditional financial capitals that are also “vying to become crypto hubs.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
