Brian Armstrong, the esteemed CEO of Coinbase, implores US citizens to support the Crypto Regulatory Clarity Bills. He urged them to cast a resounding “Yes” vote in favor of Financial Innovation and Technology for the 21Century Act. This crucial legislation promises to bestow regulatory clarity upon the realm of cryptocurrencies.
On July 26, lawmakers demonstrated their support for FIT21 and the Blockchain Regulatory Certainty Act, two bills anticipated to endow crypto firms with much-needed clarity, specifically concerning the jurisdictional distinctions between securities and commodities regulators within the nation.
In a concise yet compelling tweet, Armstrong expressed that as the voting process continues the following day, American citizens possess the power to make their voices heard and push for a “Yes” verdict on FIT21. The Coinbase CEO emphasized that the bill is an evolving entity, subject to further refinement during the legislative journey.
Nevertheless, he firmly believes that this vote stands as a protection to American digital assets, innovation, and national security.
Beyond safeguarding consumers and bolstering national security, Coinbase also envisions the potential to foster a landscape of increasing job opportunities. This, in turn, may encourage U.S.-based crypto companies to reconsider relocating to other locations.
Challenges and Engagement with Crypto Regulatory Clarity Bill
Regulatory uncertainties led crypto enterprises to explore other locations this year. On May 8, Armstrong personally visited the United Arab Emirates to evaluate its viability as a strategic hub for Coinbase. Likewise, on May 26, the renowned crypto exchange Gemini elected Ireland as its European headquarters in response to what industry experts termed a “war on crypto” within the United States.
Despite the challenges encountered in America, Coinbase tenaciously engaged with U.S. regulators throughout the year.
On February 13, the CEO invited regulators to a dialogue on cryptocurrencies, while enjoying ice cream in Washington, D.C. Furthermore, on July 19, Armstrong confidentially met with members of Congress to engage in substantive discussions about digital asset legislation.
Brian Armstrong’s plea for American citizens to support FIT21 through their representatives echoes the significance of clarity and regulation in cryptocurrencies.
By advocating for this crucial bill, the United States can foster an environment of innovation and fortify the security of digital assets while embracing the potential for enhanced job opportunities within the nation. The decisions today hold the power to shape the future landscape of crypto in the United States and beyond.