Appearing on CNBC’s Squawk Box, Armstrong addressed various topics concerning Bitcoin and the lack of crypto regulation in the United States.
Armstrong expressed his pleasant surprise that Bitcoin was trading above $20,000 despite various negative events in the crypto space. He also highlighted that there are around 52 million crypto users in the US, a substantial number.
He emphasized that this user base should not be underestimated and pointed out the lack of regulatory clarity in the country.
According to Armstrong, U.S. authorities are currently taking the wrong approach to establishing regulations for the cryptocurrency industry.
He noted that many crypto companies prefer to conduct their operations outside of the United States due to the absence of clear regulations within the country.
Armstrong stated, “Although the number of crypto users in the USA is high, there are no clear rules. That is why U.S. companies prefer to do business abroad.
This caused the crypto market share in the USA to decrease from 40% to 29%. However, in countries outside the USA such as Singapore, Hong Kong, Brazil, and Australia, this is the opposite.”
Addressing the upcoming legal case involving FTX founder Sam Bankman-Fried (SBF), the CEO of Coinbase drew a comparison to the past Mt. Gox incident.
He stressed that the FTX incident should not be forgotten and pointed out its detrimental effects on the industry.
Despite these challenges, Armstrong highlighted that many founders are committed to developing the crypto industry in a responsible and trustworthy manner.