Coinbase CEO Brian Armstrong Thinks Decentralized Finance Should Be Safe From Regulation
Brian Armstrong, CEO of Coinbase, gives his view on prospective crypto and decentralized financial rules.
Armstrong expresses gratitude that Debbie Stabenow, a Democrat from Michigan, and John Boozman, a Republican from Arkansas, seek to initiate regulatory clarification for crypto and DeFi.
US Senators have been working on legislation that would give the Commodity Futures Trading Commission (CFTC) the authority to regulate crypto spot markets using a new asset class known as “digital commodities.”
Says Armstrong, DeFi should be safeguarded in any regulation that regulates centralized exchanges and custodians. Debbie Stabenow and John Boozman are thanked for their efforts to rectify the situation.
Armstrong also expresses his appreciation for FTX CEO Sam Bankman-attempts Fried to initiate dialogue on the subject.
And for what it’s worth, my impression is that Sam Bankman-Fried is also committed to defending DeFi, which is fantastic.
Bankman-Fried recently proposed that the crypto sector welcome regulatory action and develop a set of norms to adhere to in the meantime.
Armstrong said last month that effective crypto legislation was a national security problem, noting several risks to the United States resulting from the industry’s lack of legal clarity.
“The United States missed the boat on semiconductors and 5G, which are now mostly made elsewhere. It cannot afford for cryptocurrencies to leave the nation (same for every country, by the way).
Regulation by enforcement has a severe chilling effect, and rhetoric is essential — we’ve already seen a significant migration of crypto talent, asset issuers, and entrepreneurs.
Coinbase is a worldwide corporation, yet we are headquartered in the United States and will strive to ensure crypto’s success here for everybody. It is too crucial to the United States and the free world.”