Summary
- Brian Armstrong, the CEO of Coinbase, recently published an op-ed advocating for a US-backed stablecoin.
- His attempt to appease regulators and keep crypto accessible in America has been met with mixed reactions.
- Armstrong argues that crypto should be embraced, not banned, in order to ensure the US does not miss out on innovation.
Forget Bitcoin, Coinbase CEO Advocates for a US-Backed Stablecoin (Op-Ed)
In a desperate attempt to appease regulators, have crypto’s biggest voices simply lost the plot?
In a post-FTX world, it’s really hard being a crypto executive. Not only are your bags empty and revenues down, but you also have United States financial regulators breathing down your neck with subpoenas one day, and lawsuits the next. It’s understandable, then, why industry leaders like Brian Armstrong may wish to present themselves to both media and authorities with their state-worshipping foot forward.As the CEO of Coinbase, America’s largest crypto exchange – one wrong move could get his company sued and regulated beyond repair by politicians already paranoid about a fraud-ridden industry. After all, what reason does the state have left to not just ban crypto entirely? On a media blitz earlier this week, the executive attempted to answer that question: supportive of “crypto” while still pleading to the United States government’s best interests.The Result
. The result, however, saw him promote a use of crypto most antithetical to the ethos of “decentralization” Bitcoin was born into. That’s right: Brian Armstrong is in favor of a US government-issued stablecoin.Armstrong’s Case for Crypto in America
. In an op-ed published with CNBC on Wednesday, Armstrong made his usual case for why the United States should be more welcoming to crypto, in order to not drive the industry offshore.
The Argument< p >< strong >He argued that embracing cryptos would help ensure that American businesses do not miss out on any potential innovation or economic opportunities related to them . He also noted that banning cryptocurrency outright would only push people offshore , resulting in less oversight than if it were accepted within US borders .
