The CEO of cryptocurrency exchange Coinbase, Brian Armstrong, stated that the industry requires a “clear rule book” in an interview with Bloomberg.
While all other financial centres have already accepted the business, Armstrong made a significant point that the crypto market should be developed with a defined set of rules, quoting:
“My number one priority this year is the policy environment. The rest of the world has actually embraced crypto. We’ve seen all the major financial hubs, Singapore, Hong Kong, and London, and the EU just passed comprehensive crypto legislation … We need a clear rule book so that this industry can be built here.”
Notably, Armstrong noted that Coinbase is eager to embrace decentralisation in response to the interviewer’s query about the established financial players’ concerns about it, adding:
“A lot of traditional financial services firms are integrating this technology. Everybody from JPMorgan, Visa, and Mastercard, Franklin Templeton they have projects and teams internally working on how to integrate crypto into their services.”
Armstrong claimed that “80% of the Americans are not happy with the traditional financial system,” in his explanation of the rationale behind the acceptance of decentralised finances.
The old financial system, he continued, is unequal and extremely slow, with exorbitant fees.
He added that one of the main reasons Coinbase chose decentralisation was because people were too eager to see how cryptocurrency as a technology might advance the financial sector.