A tough approach to regulating the crypto industry is holding back its development, forcing projects and developers to leave the US, the Coinbase CEO Brian Armstrong has stated.
According to him:
“The enforcement approach has a terrible deterrent effect, and rhetoric matters – we have already seen a huge number of crypto talents, asset issuers and startups go offshore.”
He believes the regulators’ strongest argument is the issue of the country’s national security. He has added:
“The US has missed out on semiconductors and 5G, which are now mostly made overseas. They cannot allow the cryptocurrency to go offshore.”
Armstrong has recalled his exchange is based in the United States. He has promised to “fight for crypto to be successful here for everyone.”