Coinbase’s CEO Brian Armstrong maintains that cryptocurrency is not a currency. He describes it as the underlying technological mechanism of a monetary system.
Coinbase CEO Brian Armstrong said this week that the company will be airing a television commercial in the nation’s capital.
In his opening remarks, Armstrong criticised the common misconception that cryptocurrency is only a speculative asset that investors risk losing their money on.
Many uninformed politicians in the United States have this attitude. For this reason, several of them are actively seeking to limit the use of cryptocurrency.
Cryptocurrency is a popular asset class for speculators, but it also has a wide range of practical applications. Armstrong continued by describing some uses for the technology:
“At its core, cryptocurrency is not a currency. It’s a tool for modernising the whole spectrum of financial services, from faster settlement times and worldwide payments to innovative models for compensating artists and other producers.
In addition, he said that crypto is here to stay and cannot be reverse-engineered. The majority of countries have adopted this technology and are utilising it to modernise their financial infrastructures.
The Coinbase CEO expressed concern that the United States will follow China’s lead in 5G and semiconductors and return to the cryptocurrency market when it was too late. At the end of the video, he said:
“If we want to modernise the banking system and give people greater control over their money, crypto is the technology that will get us there.”
The black-and-white clip, set to an ominous soundtrack, became up on the internet around 12 hours before this writing.
As the old guard continues to clamp down on the emerging business, political lobbying and backlash have increased in the United States.
In response to a request from Coinbase last week for clarification on crypto rules, the Security and Exchange Commission (SEC) declined. SEC chairman and self-proclaimed financial “cop on the beat” Gary Gensler asserts that cryptos are securities and that the necessary regulations are already in place. This opinion contradicts remarks made by Gensler earlier this year. While the agency is working on its own agenda, Congress has not yet formally classified the asset class.
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