Coinbase CEO Brian Armstrong criticized US lawmakers and regulators over their approach to bringing “regulatory clarity” to cryptocurrency in an opinion article published on Tuesday.
“By enforcing restrictive policies, the U.S. is inadvertently driving crypto-innovation offshore,” Armstrong wrote. “That shift will compromise America’s legacy of pioneering technological advancements, and weaken our national security posture.”
Armstrong’s criticism comes as the US government is still struggling to come up with a comprehensive regulatory framework for cryptocurrency.
The Securities and Exchange Commission (SEC) has taken a hands-off approach to regulating cryptocurrency exchanges, while the Commodity Futures Trading Commission (CFTC) has taken a more active role.
The lack of clarity from US regulators has made it difficult for cryptocurrency companies to operate in the US. Coinbase has been particularly vocal about its frustration with the regulatory environment, and Armstrong’s opinion piece is the latest in a series of criticisms from the company.
In his article, Armstrong argued that the US government is “missing an opportunity to lead” in the development of cryptocurrency. He also warned that the US is at risk of losing out to China, which has been more proactive in developing its own digital currency.
“China is already well ahead of the U.S. in terms of crypto innovation,” Armstrong wrote. “If the U.S. doesn’t act soon, we will cede our leadership position in this important area.”
Armstrong’s criticism is likely to be met with a mixed response from US lawmakers and regulators. Some may agree with his assessment that the US government is not doing enough to regulate cryptocurrency, while others may argue that the current regulatory environment is appropriate.
