Coinbase Warns: US Government’s Crypto Stance Jeopardizes its Tech Leadership

Vignesh Karunanidhi
Coinbase Warns: US Government's Crypto Stance Jeopardizes its Tech Leadership
Source: Reuters

Coinbase is one of the largest cryptocurrency players in the US. Every now and then, Brian Armstrong, the CEO of the exchange, has voiced his opinion on the country’s cryptocurrency stance. A lack of clarity in regulations for cryptocurrencies, along with tightened scrutiny by the SEC and CFTC, has alerted the crypto industry and the community.

Armtsrong’s exchange has recently released a blog speaking on how the US government’s stance on cryptocurrencies could jeopardize the country’s tech leadership.

Coinbase Says the US Must Reassert Its Leadership Role

Speaking about the risks associated with the government’s current stance on crypto, Coinbase stated, “The U.S. has historically led the world in technological advancements by fostering responsible innovation.” “It is critical to nurture and support new and disruptive innovation because it is impossible to know which technologies will turn out to be the next cell phone, semiconductor, or internet.”

Coinbase stressed in the blog why the exchange chose to become a public company, keeping in mind the vision of building trusted products. The exchange also added that it believed the US to be a hub for embracing such innovations.

Also read: Robinhood Unveils New Way to Fund Web3 Wallets

The exchange also spoke about how other nations are steering towards a friendly approach to establishing themselves as crypto hubs and how the US is moving in the opposite direction.

Coinbase Speaks about New Institue White Paper

Crypto US Government

In the blog, Coinbase also talks about their new Institute white paper dubbed “Defending American Leadership: The National Security Case for Crypto and Blockchain.” Coinbase mentioned how the white paper talks about the US’s approach to cryptocurrencies and the threat they pose to US security.

The exchange also stressed the importance of understanding the utility of these technologies before beginning to embrace them. Coinbase mentioned some of the key benefits, including the ability to transfer value without an intermediary. Additionally, talking about the genius of historical US technology leadership, Coinbase mentioned, “It didn’t try to pick winners or losers. Instead, it took a welcoming posture toward innovation while managing risks, rather than attempting to set in stone old ways of doing things.”

Also read: Shiba Inu: Shytoshi Kusama Leaves Puzzling Message on Shibarium Telegram

Coinbase also spoke about China and its aggressive promotion of blockchain technology. The exchange quoted the roadmap of the Made in China 2025 strategy with the vision of establishing the most advanced blockchain technology by 2025.

Talking about the severity of the situation, Coinbase stressed that if the US continues to destroy the crypto industry, it will find itself at a devastating disadvantage against other nations. The exchange also mentioned that it is time for the government to create a crypto-regulatory infrastructure.