Coinbase CEO Brian Armstrong Urges Backing Legislation for Clear Crypto Regulations

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Coinbase CEO Brian Armstrong Advocates Clear Crypto Regulations in New Announcement

In a bid to provide much-needed regulatory clarity for the digital asset industry, Brian Armstrong, the CEO of Coinbase, has recently taken to Twitter to rally support for important legislation. He encourages his followers to contact their legislators and express their support for the Financial Innovation and Technology for the 21st Century Act. This act, if passed, holds the potential to safeguard both cryptocurrencies and national security.

Armstrong stresses the significance of this legislative move, as it can directly impact the value of crypto assets in the United States. He urges everyone to act swiftly, highlighting that two House committees have already begun voting on the proposed legislation, with further proceedings scheduled for the following day.

While acknowledging that the bill will evolve through the legislative process, Armstrong emphasizes that supporting the Financial Innovation and Technology for the 21st Century Act is essentially safeguarding one’s crypto investments, bolstering American innovation, and reinforcing national security.

Spearheaded by a group of congressmen, the bill’s primary objective is to establish a comprehensive regulatory framework for crypto assets. This framework would place regulatory authority in the hands of both the U.S. Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).

Representative Dusty Johnson of South Dakota, one of the bill’s sponsors, underscored the urgent need for clarity in the digital asset space. He expressed concerns about the current regulatory uncertainty and lack of authority, which poses challenges for the industry’s core operating principles. By bringing both the CFTC and SEC together through this collaborative bill, Representative Johnson aims to create a cohesive set of principles that ensure financial security and certainty while encouraging continued innovation within the crypto sector.

The call for support from Coinbase’s CEO, Brian Armstrong, underscores the importance of a regulated and well-defined crypto industry in the United States. As the legislative process unfolds, it is hoped that the Financial Innovation and Technology for the 21st Century Act will pave the way for a more stable and secure digital asset landscape, fostering innovation and providing reassurance to investors and businesses alike.

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